Three Democratic senators urged the Federal Communications Commission (FCC) to halt the Paramount-Warner Bros. merger. Discovery over concerns about foreign investors’ control of what would be one of the largest media companies in the United States.
In a joint letter to FCC Chairman Brendan Carr, Sens. Cory BookerD-NJ, Adam Schiff, D-Calif., and Elizabeth WarrenD-Mass., demanded that he “must enjoin any attempt by Paramount to close this transaction” before a proper review of the foreign investors involved is completed.
Lawmakers said FCC must conduct this review to assess possible “threats to national security posed by foreign government investments” in this $110 billion entity. If approved, the merger would combine CNN and CBS News under one ownership company, further consolidating the news media landscape.
Paramount, led by CEO David Ellison, acknowledged in an April financial disclosure According to the senators, foreign participation in the new company will reach “approximately 49.5 percent”. In it, Paramount also stated that all voting rights will be “controlled by 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 April 18, 2026, in Detroit, Michigan. (Bill Pugliano/Getty Images / Getty Images)
The document reveals that the Saudi Public Investment Fund and various entities based in the United Arab Emirates and Qatar would be shareholders.
Paramount told the FCC in April that the arrangement would pose “no national security, law enforcement, or foreign or trade policy concerns.”
The senators want greater scrutiny of what that level of foreign ownership would mean, telling Carr in their letter that he should not take the Ellison family’s statements “at face value.”
They argued that the FCC should reject Paramount’s request for preemptive approval. Below Section 310 of the Communications Act of 1934foreign individuals, corporations, and governments are generally prohibited from owning more than 25% of a U.S.-based company that has a broadcast license issued by the FCC.
The Paramount Studios sign in Los Angeles, California on April 23, 2026. (Noé Suave/Getty Images)
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Booker, Schiff and Warren gave Carr until July 1 to inform Paramount that the deal could not be completed until the foreign investment review was completed.
Pending FCC approval poses the biggest regulatory hurdle to the merger. The Justice Department announced last week that it would not challenge Paramount’s bid to acquire Warner Bros.
The DOJ Antitrust Division concluded after an eight-month review that “the transaction is not likely to harm competition or U.S. consumers” with respect to on-demand streaming, linear television and studio development, and film production and distribution.
Warren criticized the DOJ’s move and urged state attorneys general to continue fighting the transaction. California Attorney General Rob Bonta was already leading a coalition of states to prepare a lawsuit to block Paramount from adding Warner Bros. to its growing portfolio.
Federal Communications Commission Chairman Brendan Carr speaks on stage during the annual Concordia 2025 Summit at the Sheraton New York Times Square in New York, September 22, 2025. (John Lamparski/Getty Images for Concordia Annual Summit / Getty Images)
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More than 5,000 filmmakers and actors working in Hollywood signed an open letter in April furiously demanding that the merger be stopped. They argued it would stifle competition and reduce job opportunities.
“Our industry is already under severe strain, largely due to previous waves of consolidation. We have seen a sharp decline in the number of films produced and released,” according to the petition. “We are deeply concerned by indications of support for this merger that prioritizes the interests of a small group of powerful stakeholders over the broader public good.”
