Liccardo Pushes for Oversight in Paramount’s Hostile Takeover of Warner Bros. Discovery

WASHINGTON, DC - Today, Congressman Sam Liccardo sent a letter to Paramount Chairman and Chief Executive Officer David Ellison raising unanswered questions about Middle East foreign involvement in the hostile takeover of Warner Bros. Discovery (WBD). Paramount's original offer included $24 billion in financing from Middle East foreign sovereign wealth funds, creating a number of national security concerns related to how Paramount plans to mitigate foreign influence over American media and safeguard Americans' data.

"A hostile takeover of a major U.S. media company backed by foreign sovereign wealth demands full transparency," said Liccardo. "No American wants foreign governments lurking behind the screen-quietly accessing personal data or influencing what families watch every night. That is the risk posed by this deal. Paramount should submit to the Committee on Foreign Investment in the United States (CFIUS) immediately and assure the public that they're safe from nefarious foreign actors entering their living rooms."

This marks the second letter from Congressman Sam Liccardo raising national security concerns about a sovereign wealth fund controlled by Saudi Crown Prince Mohammed bin Salman who directed, according to published U.S. intelligence agencies' reports, the brutal homicide of Washington Post journalist Jamal Khashoggi in an effort to silence dissent. More recent reporting has also highlighted PIF-backed luxury developments undertaken in partnership with the Trump family, further calling into question the strategic motivations behind Saudi investments in high-influence American institutions, including national media companies.

Liccardo's December letter-authored alongside Congresswoman Ayanna Pressley-was sent to Warner Bros. Discovery President David Zaslav.

Liccardo questioned CFIUS official Chris Pilkerton during a House Financial Services hearing titled Evaluating the Operations of the Committee on Foreign Investment in the United States. Pilkerton agreed that a deal of this nature could be subject to CFIUS review and agreed to grant Liccardo a confidential briefing on their involvement.

Watch his questioning here and download the letter here.