FCC lets Paramount sell 49.5% equity stake to Saudi Arabia, UAE, and Qatar

The Federal Communications Commission (FCC) has approved Paramount's plan to sell a 49.5% equity stake to investors from Saudi Arabia, the United Arab Emirates, and Qatar. Despite concerns that the deal could give repressive governments influence over the owner of CBS, the FCC deemed the sale to be in the public interest. The sale is part of a larger deal that includes a $2.3 billion investment in the company. The investors, which include the Public Investment Fund of Saudi Arabia, the Abu Dhabi Investment Authority, and the Qatar Investment Authority, will have significant influence over Paramount's operations, but the company will maintain control over CBS's content and programming.