Paramount Secures $24 Billion in Gulf Funding for $81 Billion Warner Takeover

Commitments from three Middle East sovereign wealth funds will help offset costs for the Ellison family.

Apr. 5, 2026 at 10:55pm

Got story updates? Submit your updates here. ›

Paramount has received signed equity commitments of close to $24 billion from three sovereign-wealth funds led by Saudi Arabia's Public Investment Fund to help back its $81 billion takeover of Warner Bros. Discovery, according to people familiar with the matter. The Saudi fund has agreed to provide roughly $10 billion of the nearly $24 billion to Paramount, which is run by David Ellison, the son of billionaire Oracle co-founder Larry Ellison.

Why it matters

This deal represents a major consolidation in the media industry, combining two of the largest entertainment companies. The influx of funding from Gulf sovereign wealth funds helps offset the substantial costs for Paramount, which is led by the Ellison family, to acquire Warner Bros. Discovery.

The details

Paramount has secured commitments of close to $24 billion from three sovereign-wealth funds in the Middle East, including roughly $10 billion from Saudi Arabia's Public Investment Fund, to help finance its $81 billion takeover of Warner Bros. Discovery. The deal will create a media powerhouse combining Paramount's film and TV studios with Warner's expansive library of intellectual property.

  • Paramount announced the $81 billion deal to acquire Warner Bros. Discovery on April 5, 2026.

The players

Paramount

A major American media and entertainment company.

Warner Bros. Discovery

A global media and entertainment company formed by the merger of Warner Bros. and Discovery Inc.

Saudi Arabia's Public Investment Fund

A sovereign wealth fund of the Government of Saudi Arabia.

David Ellison

The CEO of Paramount and son of billionaire Oracle co-founder Larry Ellison.

Larry Ellison

The co-founder of Oracle and father of Paramount CEO David Ellison.

Got photos? Submit your photos here. ›

What’s next

The deal is expected to close in the second half of 2026, pending regulatory approvals.

The takeaway

This major media merger, backed by substantial funding from Gulf sovereign wealth funds, signals a continued consolidation in the entertainment industry as companies seek to build scale and diversify their content offerings.