The Federal Communications Commission (FCC) approved Paramount's request on Thursday to allow up to 49.5% of its company to be owned by foreign entities after it completes its acquisition of Warner Bros. Discovery (WBD). This approval is necessary because Paramount owns 28 television stations, and U.S. law limits foreign ownership in broadcast stations to 25%. The FCC typically requires approval when companies seek to exceed these limits. Paramount's request comes as it moves forward with its $63 billion merger with Warner Bros. Discovery, a deal that has already been approved by both companies' shareholders. The merger is expected to create one of the largest entertainment conglomerates in the world, combining Paramount's film and TV studios with WBD's media and streaming platforms. The FCC's decision allows for increased foreign investment in Paramount, which is owned by the National Amusement Company, a subsidiary of the Italian media giant Sky Group. This means that after the merger, foreign investors could hold nearly half of the company's shares, a significant increase from the current 25% cap on foreign ownership for broadcast stations. The approval follows a review process that considers the impact of foreign ownership on the U.S. media landscape. While the FCC has allowed higher foreign ownership in some cases, it typically scrutinizes such requests closely to ensure they do not compromise national interests or the public's access to diverse media content. This decision marks a key step in finalizing the merger and sets the stage for the combined entity to operate under new ownership structures.