Tag: companies

FCC Commissioner Anna M. Gomez is calling on the FCC to “conduct a full, independent, and rigorous review of the foreign ownership interests embedded in the proposed Paramount-Warner Bros. Discovery merger.” Noting that under federal law, foreign governments and their representatives are prohibited from owning the licenses of CBS’s television stations and any indirect foreign ownership above 25% requires Commission approval after a serious look into whether that arrangement serves the American public and protects our national security. Gomez states, “The American public deserves to know who owns the airwaves that carry their news. I am alarmed by what appears to be an effort to rubber stamp a financial structure that places nearly half of one of America’s largest broadcast and media companies into the hands of foreign governments with documented records of press suppression and a troubling willingness to silence journalists. There are serious, unresolved questions about how this foreign investment may jeopardize national security, and this Commission has a legal obligation to answer them before handing wealthy friends of this administration yet another Billionaire Buddy Bypass on a transaction that strikes at the heart of American journalism.” In her statement, Gomez points out that this deal involves sovereign wealth funds from Saudi Arabia, Qatar, and Abu Dhabi investing in a company that controls CBS broadcast stations, as well as major cable news operations including CNN. According to Paramount’s own filing, total foreign ownership of the combined company upon closing would reach approximately 49.5 percent. Nearly half of one of America’s largest broadcast and media companies would be in foreign hands.