Submission statement: The FCC just waved its own rule on foreign ownership of American media, allowing the sovereign wealth funds of Saudi Arabia, the UAE, and Qatar to collectively control 49.5% of a merged Paramount-Warner Bros should the deal go through.
This is extremely relevant to the sub. Although the foreign-owned equity will be non-voting, there are reasonable concerns that this deal will give 3 authoritarian regimes, with extensive records of human rights abuses and ties to extremism, undue influence over 2 major American media outlets (CNN and CBS) and potentially the largest film studio in the world. Independent media and journalism are a core pillar of American democracy and they are under serious threats.
MightExpress4873 on
> FCC says these entities “will not be able to wield any influence, let alone control, over decisions involving the Licensees.”
Uh-huh.
Background-Bottle-23 on
*“We also find that it is in the public interest to permit up to 100% indirect foreign equity interest of Paramount, in the aggregate, subject to the terms and conditions set forth in the Commission’s rules.”*
Insane ruling from the FCC
RodChainFurlongAcre on
Eh, just seize Paramount-Warner Bros from the Ellisons, doesn’t seem too bad.
4 Comments
Submission statement: The FCC just waved its own rule on foreign ownership of American media, allowing the sovereign wealth funds of Saudi Arabia, the UAE, and Qatar to collectively control 49.5% of a merged Paramount-Warner Bros should the deal go through.
This is extremely relevant to the sub. Although the foreign-owned equity will be non-voting, there are reasonable concerns that this deal will give 3 authoritarian regimes, with extensive records of human rights abuses and ties to extremism, undue influence over 2 major American media outlets (CNN and CBS) and potentially the largest film studio in the world. Independent media and journalism are a core pillar of American democracy and they are under serious threats.
> FCC says these entities “will not be able to wield any influence, let alone control, over decisions involving the Licensees.”
Uh-huh.
*“We also find that it is in the public interest to permit up to 100% indirect foreign equity interest of Paramount, in the aggregate, subject to the terms and conditions set forth in the Commission’s rules.”*
Insane ruling from the FCC
Eh, just seize Paramount-Warner Bros from the Ellisons, doesn’t seem too bad.