Paramount Skydance is in discussions to secure nearly $24bn in equity commitments from Gulf sovereign wealth funds, as the media group advances its planned $110bn takeover of Warner Bros Discovery, according to a report by the Wall Street Journal.

The proposed financing would support one of the largest media transactions in recent years, with the deal valuing Warner Bros Discovery at $110bn, including an equity value of $81bn.

Saudi Arabia’s Public Investment Fund is expected to provide approximately $10bn of the capital, with additional backing likely from Qatar Investment Authority and Abu Dhabi-based investors.

The involvement of sovereign wealth funds highlights the growing role of institutional capital in large-scale private equity and strategic transactions, particularly in capital-intensive sectors such as media and entertainment.

Under the proposed structure, Gulf investors would not receive voting rights in the combined entity, maintaining control with existing stakeholders while providing significant financial support.

The transaction is expected to close in Q3 2026, subject to regulatory approvals and customary conditions.

The merger would combine major assets including CNN and CBS, positioning the group to compete more effectively in a rapidly evolving media landscape shaped by the shift to streaming.

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