Paramount bid for Warner Bros. Discovery bid may get Gulf cash

Speculation is growing over the role of Gulf sovereign wealth funds in Paramount’s bid for Warner Bros. Discovery, despite the media and entertainment company attempting to throw cold water on the rumors.

Paramount is seen as the favorite among a cohort of potential suitors, including Netflix and Comcast, which are preparing bids for the entertainment conglomerate, which owns iconic brands including CNN, HBO and DC Comics.

Variety reported on Tuesday that the Ellison family, which owns 100% of Paramount Skydance, was putting together a $71 billion bid with backing from Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and the Abu Dhabi Investment Authority.

Paramount responded by saying the information in the report was “categorically inaccurate.” However, the Financial Times reported that Paramount held “preliminary talks” with the PIF and other investors about backing the deal separately.