CBS

The Federal Communications Commission on Thursday granted Paramount Skydance’s request to allow Middle Eastern royal families to hold a substantial stake in a merged Paramount-Warner Bros. Discovery.

The sovereign wealth funds of Saudi Arabia, Qatar and Abu Dhabi are slated to indirectly own nearly 50% of the equity in David Ellison’s proposed mega-studio, Paramount-Warner Bros. That will give them a hefty stake in CBS, CNN, Comedy Central, HBO and two historic Hollywood film studios.

Ellison needed FCC approval because the deal will change the ownership structure of CBS.

As part of the Communications Act of 1934, Congress placed restrictions on foreign ownership of broadcast outlets because of concerns about national security. Current rules prevent foreign investors from owning more than 25% of a company that holds a U.S. broadcast license — unless the FCC determines that foreign ownership would serve a public interest.

CBS owns more than two dozen TV stations with FCC licenses, including KCBS-TV Channel 2 and KCAL-TV Channel 9 in Los Angeles.

“Upon review of [Paramount’s] Petition and consideration of the record of this proceeding, we find that the public interest would be served by granting the Petition,” FCC said in its ruling, noting that Paramount has said the proposed ownership changes would “not result in a transfer of control of Paramount.”

Instead, “Ellison family will retain a majority of the voting interests and control of Paramount,” the FCC said.

FCC Chairman Brendan Carr, an appointee of President Trump, has been supportive of Paramount’s takeover of Warner Bros. Trump and his lieutenants, including Defense Secretary Pete Hegseth, have been cheering for Ellison to control CNN, a Warner property.

Anna M. Gomez, the lone Democratic FCC commissioner, slammed the agency’s decision, saying it “just let some of the most repressive governments in the world indirectly control nearly all of a combined Paramount-Warner Bros.”

“An investment this large in one of America’s biggest media companies doesn’t just buy equity, it secures influence over what gets said and what gets made,” Gomez said. “That’s why I called for this new and novel issue to go to a full commission vote given what’s at stake. Instead, the FCC snuck this ruling out as a staff-level decision, with no public vote and no accountability for a call of this magnitude.”

Ellison’s billionaire father, Oracle co-founder Larry Ellison, in February agreed to personally guarantee the $47 billion in equity needed to buy out Warner Bros. Discovery’s existing shareholders for $81 billion. Ellison and longtime Skydance investor, RedBird Capital Partners, then entered into agreements to assign some of their purchase rights to the sovereign wealth funds.

The funds plan to invest $24 billion in the Paramount-Warner deal. Saudi Arabia’s Public Investment Fund is set to contribute $10 billion while the Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co. will separately add $7 billion.

Paramount has separately lined up debt financiers to help pull off the leveraged buyout of Warner Bros. Discovery — Hollywood’s biggest merger in decades. The deal has been stalled by an antitrust challenge brought by California Atty. Gen. Rob Bonta and 11 other Democratic attorneys general, representing such states as New York, New Jersey, Colorado, Nevada and Oregon.

The foreign ownership rule was adopted nearly a century ago because members of Congress wanted to make sure that hostile foreign players were barred from using U.S. airwaves to spread propaganda, particularly in times of war.

“We appreciate the FCC’s careful review and are pleased that it has granted Paramount’s petition,” Paramount said in a statement, adding the Trump administration’s Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector had separately recommended approval of the deal, subject to several conditions to protect the data of the company’s U.S. based consumers.

Paramount said that, once the deal closes, the Ellison family and RedBird would “collectively hold the largest equity stake in the combined company and 100% of the voting shares, with no other equity participant having any governance rights.”

Paramount has two classes of stock — an ownership structure that will be replicated in a merged Paramount-Warner Bros.

The Ellison family owns 77.5% of Paramount’s voting Class A common stock. RedBird indirectly holds the remaining 22.5% of the Class A shares. The Ellison family separately has 40% of the non-voting Class B shares.

“At a time when the media industry faces unprecedented competitive pressure from dominant big tech companies, a combined Paramount-WBD will have the scale and resources necessary to compete, invest, innovate, and deliver premium content to audiences worldwide,” Paramount said in its statement.

Sept ‌9 (Reuters) – Multiple American military aircraft suffered damage in strikes overnight on the Muwaffaq ‌Salti ‌Air Base in ‌Jordan, CBS reporter Jennifer Jacobs said on Wednesday on X.

One A-10 Thunderbolt, known ‌as the ‌Warthog, was ‌struck ‌and left with a missing wing, while ‌roughly eight F-15s sustained light damage and were placed back into service, she added.

A former ABC News employee is asking a court to drop CBS News chief correspondent Matt Gutman from her wrongful termination lawsuit, which claimed she was sexually harassed by him when they were colleagues.

Samira Said, a field producer for ABC News for four years, included the claims related to Gutman in a wrongful termination lawsuit filed Aug. 14 in Los Angeles County Superior Court against her former employer and its parent The Walt Disney Co.

Said’s lawyers filed a request with the court Friday to drop Gutman, who was named as a defendant. Lawyers for Said did not respond to an email asking why the request was made. ABC and Disney remain defendants in the suit.

The suit cited two incidents where Said claimed Gutman created a hostile work environment by making inappropriate sexual comments while on the job.

Gutman declined comment on the matter through a CBS News representative.

Said alleges she was wrongfully terminated from ABC News in 2025 after dealing with mental health issues. The suit accuses the company of violating California’s Fair Employment and Housing Act by not making accommodations for her. She is seeking compensatory and punitive damages along with her attorneys’ fees.

Gutman, 48, was the first high-profile talent hire by CBS News Editor-in-Chief Bari Weiss, who took charge of the division in October. He recently filled in as anchor of the “CBS Evening News” and scored higher ratings than Tony Dokoupil, the program’s regular anchor.

Gutman spent 17 years at ABC News, where he mostly reported from Los Angeles.

Norah O’Donnell is returning to “CBS Mornings” in what is expected to be the start of a significant revamp of the struggling program.

CBS News told staffers Thursday that the former anchor of the “CBS Evening News” will become a co-anchor of the morning show on Tuesday Sept. 8 alongside Gayle King and Nate Burleson. O’Donnell is also a full-time correspondent at “60 Minutes.”

The addition of O’Donnell is the first step in a makeover for “CBS Mornings,” which will be redesigned to have a faster pace and more live interviews, according to people familiar with the plans and were not authorized to discuss them publicly.

There is also talk it will become more of a discussion program similar to MS NOW’s “Morning Joe.” The memo announcing her return was written by Jon Tower, a “CBS Mornings” senior producer who once worked on that program.

O’Donnell, 52, was part of the trio of co-hosts that gave CBS News the highest ratings in three decades, “CBS This Morning,” when she shared the desk with King and Charlie Rose. The program launched in 2012 and saw its ratings increase for five straight years. The audience levels fell off when Rose departed the program after he was hit with sexual harassment allegations in 2017.

“CBS This Morning” was renamed “CBS Mornings” in 2021, and adapted the theme music of the network’s popular weekend program “CBS Sunday Morning.” But the revamp never lived up to a promise to deliver the same in-depth stories as the Sunday program and failed to draw new viewers.

“CBS Mornings” has long been the ratings also-ran in the mornings behind NBC’s “Today” and ABC’s “Good Morning America.” But the program has hit record audience lows this year in part due to the cancellation of “The Late Show with Stephen Colbert.”

Colbert was replaced by “Comics Unleashed” which is attracting about a third of the “Late Show” audience which was just over 2 million viewers. As a result, far fewer viewers are leaving their sets tuned to CBS after switching off for the night.

O’Donnell left the morning shift in 2019 to become anchor of the “CBS Evening News.” The program remained in third place in the ratings behind “ABC World News Tonight” and “NBC Nightly News,” but performed far better than John Dickerson and Maurice DuBois, the anchors who replaced her in 2025 and only lasted a year before they were replaced by Tony Dokoupil.

O’Donnell was content with a new role as a senior correspondent and contributor to “60 Minutes.” She has steered clear of controversies that have occurred at CBS News since Bari Weiss was installed as editor-in-chief, and showed a willingness to step up for big assignments.

O’Donnell’s put-me-in-coach attitude has turned out to serve her well as she was elevated to a full-time correspondent at “60 Minutes” and will soon be the center of a revamped morning program.

O’Donnell joined CBS News in 2011 as chief White House correspondent after a 12-year run at NBC News.