FCC Approves Paramount's 49.5% Equity Sale to Gulf State-Linked Investors

The Federal Communications Commission has approved a transaction permitting Paramount, the media company that owns CBS, to sell a 49.5% equity stake to investors linked to Saudi Arabia, the United Arab Emirates and Qatar, Ars Technica reported.

According to the report, the FCC's decision came despite objections raised over the involvement of governments described in the report as repressive, with critics warning that the deal could allow those governments to gain influence over a major U.S. broadcaster.

Ars Technica reported that the commission rejected these concerns in approving the sale, though the outlet's report did not detail the specific reasoning the FCC offered for dismissing them.

The deal would give a nearly 50% equity stake in Paramount to the Gulf state-linked investors, according to the report. Further details on the structure of the transaction, the identities of the specific investors, or the timeline for completion were not included in the available reporting.

Paramount owns CBS, one of the major U.S. television networks. The FCC oversees broadcast ownership rules and reviews transactions involving foreign investment in companies that hold broadcast licenses.

This article is based on reporting by Ars Technica. Additional details on the transaction were not immediately available.