Three sovereign wealth funds from the Middle East, with Saudi Arabia taking the lead, have committed approximately $24 billion in equity funding to support Paramount’s proposed $81 billion acquisition of Warner Bros. Discovery, according to a Sunday report from the Wall Street Journal.
The signed commitments represent a significant financial backing for the entertainment industry mega-deal, though Reuters was unable to independently confirm the reported agreements at this time.
The development marks a major step forward in what would be one of the largest media industry consolidations in recent years, bringing together major entertainment properties under a single corporate umbrella.
