Gulf state funds supplied $24 billion of Paramount's initial WBD bid backing

Entities and roles

• L’Imad Holding Company PJSCAbu Dhabi financing source
• David EllisonParamount Skydance chair and chief executive
• Qatar Investment AuthorityQatari state financing source
• Public Investment Fund of Saudi ArabiaSaudi state financing source
• Larry EllisonTrump friend and financing guarantor for Paramount Skydance
• Warner Bros. Discovery, Inc.U.S. media acquisition target
• Paramount Skydance Corporationforeign-backed acquisition bidder
• Donald J. Trumpsitting president closely allied with the transaction's principal financiers
• Jared Kushnerson-in-law, former senior adviser, and Affinity Partners founder
• Affinity Partnerswithdrawn consortium participant

Relationships in this file

1. Public Investment Fund of Saudi Arabiabid financing without management rightsParamount Skydance Corporation
2. Qatar Investment Authoritybid financing without management rightsParamount Skydance Corporation
3. L’Imad Holding Company PJSCbid financing without governance rightsParamount Skydance Corporation
4. Affinity Partnersjoined then withdrew from financing consortiumParamount Skydance Corporation
5. Donald J. Trumpmedia executive closely allied with TrumpDavid Ellison
6. Donald J. Trumpclose Trump associate and financing guarantor for his son's media companyLarry Ellison
7. Donald J. Trumpson-in-law, former senior adviser, and Affinity Partners founderJared Kushner

Claims and evidence

1. factreported

   AP reported that three Gulf sovereign funds were providing $24 billion for Paramount's Warner Bros. Discovery bid. Paramount's later preliminary proxy identified the financing partners as Saudi Arabia's Public Investment Fund, Abu Dhabi's L’Imad Holding Company PJSC, and the Qatar Investment Authority, and said they agreed to surrender governance rights; Jared Kushner's Affinity Partners later withdrew from the consortium.

   • Associated Press: Paramount says China's Tencent withdrew from its Warner Bros bid to avert national security issuesInitial bid-financing passage; Saudi, Qatari, and Abu Dhabi funds, aggregate amount, and surrendered governance rights
   • Associated Press: Jared Kushner pulls out of Paramount's hostile bid for Warner Bros. DiscoveryPassages on Affinity's withdrawal and the initial sovereign-fund financing consortium
   • U.S. Securities and Exchange Commission: Paramount Skydance preliminary proxy statement opposing the proposed Netflix-WBD acquisitionBackground of the Solicitation, lines 507 and 598; aggregate Gulf sovereign-fund commitment, named financing partners, and surrendered governance rights
   • Associated Press: Takeover bid of parent company means limbo for CNN and some fellow cable networksPassages identifying David Ellison's Paramount control, Larry Ellison's financing role, and Larry Ellison's relationship with Trump

Measurements

1. Foreign sovereign-fund bid financing$24,000,000,000

   Basis

   Observed

   Population

   Saudi, Abu Dhabi, and Qatari fund commitments to Paramount's WBD bid

   Period

   2025-12-08 to 2025-12-10

   As of

   2025-12-10

   Method

   Use AP's aggregate financing figure and preserve its consortium scope.

   Uncertainty

   This was bid financing, not a completed payment or valuation of governance rights; Affinity's amount was not disclosed and it later withdrew.