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Paramount Skydance’s $110 billion bid for Warner Bros. Discovery is not just a Hollywood deal. Powered by $24 billion from sovereign wealth funds in Saudi Arabia, Qatar and Abu Dhabi, the proposed merger is sparking debate over soft power, influence and media independence at a company that includes CNN and HBO.

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Saudi Arabia’s Public Investment Fund (PIF), Abu Dhabi’s L’imad Holding Company, and the Qatar Investment Authority (QIA) are jointly putting up a total of $24 billion investment into the Hollywood mega merger — a power move that coincides with efforts to build local entertainment industries across the Middle East.

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In an SEC filing, Paramount said the investors will not receive governance rights, including board seats or voting rights, so their involvement will not require a sign-off by the U.S. Committee on Foreign Investment (CFIUS).

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The question, however, isn’t whether the Arab funds have formal voting rights — it’s whether a $24 billion stake can ever truly be passive inside a company that controls CNN, HBO and one of Hollywood’s most powerful IP libraries.

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