After Foreign Governments Dump Billions into Paramount-Warner Bros. Bid, Liccardo, Warren, Blumenthal, Schiff Seek CFIUS Review of National Security Threats

Washington, D.C. - Congressman Sam Liccardo (D-Calif) joined Senators Elizabeth Warren (D-Mass.), Senators Richard Blumenthal (D-Conn.) and Adam Schiff (D-Calif.) in pressing Treasury Secretary Scott Bessent, in his role as Chair of the Committee on Foreign Investment in the United States (CFIUS), to conduct a full review of any national security risks posed by foreign ownership of Paramount's proposed acquisition of Warner Bros. Discovery.

The lawmakers sounded the alarm over national security concerns stemming from the deal's $24 billion in funding from Saudi Arabia, Abu Dhabi, and Qatar sovereign wealth funds, which would result in foreign investors holding between 49.5 to 100 percent of Paramount's equity interests.

"If this deal goes through, this funding structure could provide foreign entities with access to the sensitive personal data of millions of Americans and significant influence over what would be one of the nation's largest media and entertainment conglomerates," wrote the lawmakers.

Recent reports reveal what appear to be attempts by Paramount to evade CFIUS review; executives claimed they eliminated potential CFIUS jurisdiction over the deal because the sovereign wealth funds have agreed to forgo governance rights.

"The recently released details of this deal - and [Paramount's attempts to evade review] - instead reveal its urgency," wrote the lawmakers.

The lawmakers argue that Paramount's assertion that the sovereign wealth funds are merely passive investors does not exempt the transaction from review. Under the 2018 Foreign Investment Risk Review Modernization Act (FIRRMA, Congress has an obligation to scrutinize certain non-controlling foreign investments involving companies that maintain sensitive personal data on Americans. The lawmakers also note that federal law explicitly covers transactions designed to evade or circumvent review.

"This entire series of events raises questions about bribery and inappropriate political influence over merger review processes - making it all the more important that CFIUS conducts a thorough, non-political, fact-based national security review," the lawmakers concluded.

Last month, Trump administration FCC Chair Brendan Carr acknowledged that there "is a role for CFIUS" in the Paramount merger review process, stating it will "ultimately make an up-or-down decision on that foreign investment."

Senator Warren first led colleagues in calling for a CFIUS review of the Paramount-Warner Bros. deal in December 2025, after news reports indicated foreign entities would fund the deal. In March, Senator Warren released the Treasury Department's response, in which it dodged its responsibility to conduct a serious national security review.

Text of Letter (PDF)