Three Gulf sovereign funds joined a $108B bid for Warner Bros Discovery, boosting a deal that could reshape global entertainment.

Three Gulf sovereign wealth funds—Saudi Arabia’s PIF, Abu Dhabi’s L’imad Holding, and Qatar’s QIA—have joined Paramount Skydance’s $108 billion hostile bid for Warner Bros Discovery, marking a rare collaboration among regional investors. The move, backed by Affinity Partners and the Ellison family, reflects growing Gulf ambitions in global entertainment, including film, streaming, and theme parks. The investment avoids CFIUS review due to limited governance rights. It aligns with broader Gulf financial commitments to the U.S., including Saudi Arabia’s $1 trillion pledge and Abu Dhabi’s $1.4 trillion plan. The deal would create a major content powerhouse, competing with Netflix, which is in talks to acquire Warner Bros Discovery and spin off its networks by mid-2026.