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Three Democratic senators have called on the Federal Communications Commission (FCC) to suspend the proposed Paramount-Warner Bros. Discovery merger, citing concerns that foreign investors could gain control of one of the nation’s largest media enterprises.
In a joint letter to FCC Chairman Brendan Carr, Senators Cory Booker of New Jersey, Adam Schiff of California, and Elizabeth Warren of Massachusetts demanded that he block any attempt by Paramount to finalize the transaction until a thorough review of the foreign investors involved is completed.
The senators argued that the FCC must conduct this review to assess potential national security risks associated with foreign government investment in the $110 billion entity. Should the merger proceed, it would consolidate CNN and CBS News under a single corporate owner, further concentrating the U.S. news media landscape.
Paramount, under the leadership of CEO David Ellison, disclosed in an April financial filing referenced by the senators that foreign ownership in the combined company would rise to roughly 49.5 percent, with all voting rights remaining under the control of the Ellison family through U.S. entities.
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U.S. Sen. Cory Booker, D-N.J., speaks at the 38th Annual Michigan Democratic Women’s Caucus Legacy Luncheon on April 18, 2026, in Detroit, Michigan. (Bill Pugliano/Getty Images / Getty Images)
The document revealed that Saudi Arabia’s Public Investment Fund and several entities based in the United Arab Emirates and Qatar would become equity investors.
Paramount informed the FCC in April that this ownership structure would not pose any national security, law enforcement, or foreign or trade policy concerns.
The senators are seeking a more thorough examination of the implications of such foreign ownership levels, urging Carr not to accept the Ellison family’s assurances without independent verification.
They contend that the FCC should reject Paramount’s request for pre‑emptive approval, noting that Section 310 of the 1934 Communications Act generally bars foreign persons, companies, or governments from owning more than 25 percent of a U.S. firm holding an FCC broadcast license.
The Paramount Studios sign in Los Angeles, California, on April 23, 2026. (Noah Suave / Getty Images)
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Booker, Schiff and Warren have set a July 1 deadline for Carr to notify Paramount that the deal cannot proceed until the foreign investment review is concluded.
The FCC’s pending decision represents the most significant regulatory obstacle to the merger. The Department of Justice recently indicated it will not oppose Paramount’s acquisition of Warner Bros.
After an eight‑month review, the DOJ’s antitrust division concluded that ‘the transaction is unlikely to harm competition or American consumers’ in markets ranging from on‑demand streaming and linear television to studio production and film distribution.
Warren criticized the DOJ’s stance and called on state attorneys general to continue opposing the merger. California Attorney General Rob Bonta is coordinating a coalition of states preparing legal action to block Paramount from adding Warner Bros. to its portfolio.
Federal Communications Commission Chairman Brendan Carr speaks onstage during the 2025 Concordia Annual Summit at the Sheraton New York Times Square in New York City on Sept. 22, 2025. (John Lamparski/Getty Images for Concordia Annual Summit / Getty Images)
More than 5,000 filmmakers and actors signed an open letter in April urging the merger’s cancellation, asserting that it would suppress competition and eliminate jobs. They noted that the industry already faces severe strain due to prior waves of consolidation, citing a sharp decline in film productions and releases.
‘Our industry is already under severe strain, largely due to prior waves of consolidation,’ the petition states. ‘We have witnessed a steep decline in the number of films produced and released,’ it adds, expressing deep concern that support for the merger prioritizes a small group of powerful stakeholders over the broader public interest.