Sovereign wealth funds from Gulf countries have joined forces to finance Warner Bros. Discovery's potential acquisition of Paramount. This move underscores their growing desire for Hollywood assets and influence in the global media market.
Three sovereign wealth funds from Gulf countries have joined forces to finance Paramount's deal for a potential acquisition of Warner Bros Discovery. This move, marking a relatively rare joint alliance between states, underscores their growing appetite for Hollywood assets and influence in the global media market. This was reported by Reuters, writes UNN.
Details
Paramount (PSKY.O) announced its support for the deal, naming the participants: Saudi Arabia's Public Investment Fund (PIF), Abu Dhabi's L'imad holding company, and the Qatar Investment Authority (QIA). Paramount also has support from Affinity Partners, founded by Jared Kushner, which has investments from Qatari and United Arab Emirates funds.
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The decision to join forces to acquire a stake in Hollywood gems underscores the appetite of oil-dependent Gulf states for assets, from production to content.
A joint trilateral alliance is very unusual, but it allows the three countries to move beyond their regional media empires and immediately puts them in the top media league.
– noted Neil Quilliam, partner at Azure Strategy.
Since the investors will not have management or voting rights, their participation will not require approval from the US Committee on Foreign Investment. According to Quilliam, this acquisition will give them ownership of some of the world's most famous shows and access to a whole new audience.
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