Paramount has asked the Federal Communications Commission to sign off on its equity investment from three prominent Middle East sovereign wealth funds that are backing the company’s $111 billion acquisition of Warner Bros. Discovery.

In a petition for declaratory ruling to the FCC signed by Paramount legal chief Makan Delrahim, Paramount asks the Brendan Carr-led commission to sign off on the deal involving Saudi Arabia’s PIF (public investment fund), L’Imad, an Abu Dhabi sovereign wealth fund, and a Qatar Investment Authority fund.

Paramount notes that David Ellison and his father Larry Ellison, as well as RedBird Capital, will control all voting shares in the company, and that the sovereign funds are only acquiring non-voting equity shares.

“Upon consummation of the Proposed Investment, Petitioner expects that the aggregate indirect foreign ownership of equity interests in Paramount will be approximately 49.5 percent,” Paramount writes, underscoring the extent to which the company is leaning on the foreign investment.

Paramount is asking for a ruling that would allow up to 100 percent of equity or voting shares to be owned by foreign holders, though that is a procedural maneuver rather than a sign of any future plans. The FCC approval only applies to the foreign financing, not to the deal itself, which secured WBD shareholder approval last week.

“Paramount has filed a customary petition for a declaratory ruling with the FCC relating to the indirect foreign investment in Paramount’s broadcast television stations as a result of the recent equity syndication,” a Paramount spokesperson tells The Hollywood Reporter. “An FCC filing is completely standard for investments such as this and is not a condition to closing Paramount’s acquisition of WBD.

“When the transaction and equity syndication close, the Ellison family and RedBird will collectively hold the largest equity stake in the combined company and continue to be the sole owners of Class A Common Stock, representing 100% of the voting shares, with no other equity syndication party having any governance rights, voting shares, or Board representation,” the statement continues. “The combination of Paramount and WBD’s complementary assets will enhance competition while creating a strong champion for creative talent and consumer choice.”

The three Middle East funds were reported to be providing $24 billion of capital to back the Warners deal. The FCC filing confirms that the PIF will be the largest contributor, owning 15.1% of Paramount’s equity after the deal closes, with L’Imad owning 12.8%, and Qatar’s fund owning 10.6%. Collectively those three funds will control 38.5% of Paramount equity shares (again, non-voting shares). The remaining foreign equity owners include passive investors in RedBird funds, and entities that have acquired Paramount shares and have filed Form 13F with the SEC.

Paramount is also giving answers to the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector (sometimes called “Team Telecom”), which advises the FCC on national security and law enforcement concerns.

In the filing, Delrahim argued that the foreign investment will ultimately serve to bolster the company’s local news programming, improve its technology stack, and increase the diversity of programming, citing the deal for UFC fights as an example.

“Reducing barriers to further investment in Paramount, including by allowing the company to pursue additional capital from non-U.S. investors, will enable it to allocate additional resources to preserve and enhance the legacy and broad reach of the Licensees’ television broadcast operations,” Delrahim wrote. “In turn, Paramount’s ability to compete in the television broadcast and broader video marketplaces will improve, thereby promoting the strength of the industry overall. The new equity investment, leveraged on the efficiency gains resulting from the Paramount-Skydance transaction, will better position the company to weather continuing challenges facing broadcasters and operators of linear pay-television networks.”