Paramount Global is in talks to secure nearly $24 billion in equity commitments from Gulf sovereign wealth funds to help finance its planned takeover of Warner Bros. Discovery, according to reports.

The deal, first announced in February, values the combined transaction at $110 billion, with an equity value of approximately $81 billion. The companies expect the merger to close in the third quarter.

Saudi Arabia’s Public Investment Fund is expected to contribute roughly $10 billion, with additional backing likely from the Qatar Investment Authority and Abu Dhabi-based L'imad Holding.

The proposed merger would unite major media assets, including CNN and CBS, under a single corporate structure, positioning the combined entity to better compete with streaming platforms that continue to pull audiences away from traditional television.

Despite the scale of foreign investment, the Gulf backers are not expected to receive voting rights in the new company. Paramount executives reportedly believe the structure will help the deal avoid scrutiny from U.S. regulators, including the Committee on Foreign Investment in the United States and the Federal Communications Commission.

If completed, the merger would mark one of the largest media consolidations in recent years, reflecting broader industry shifts as legacy entertainment companies seek scale to compete in a rapidly evolving digital landscape.