Paramount's Mideast backing likely runs deeper than $24 billion | Fortune

"A trio of Middle Eastern funds have agreed to stump up $24 billion to help bankroll Paramount Skydance Corp.'s bid for Warner Bros. Discovery Inc. The region's exposure to the deal is likely larger, once its deep ties to private equity firms behind the bid are factored in. Saudi Arabia's Public Investment Fund and the Qatar Investment Authority joined the relatively-unknown Abu Dhabi firm L'imad Holding Co. to bankroll the hostile offer earlier this week."

"One example is Apollo Global Management Inc., which is among firms providing as much as $54 billion of financing for the Paramount offer. Abu Dhabi's Mubadala Investment Co. has a long-standing relationship with Apollo, and the PIF's venture arm has invested in funds run by the US firm. The Saudi wealth fund, alongside the QIA and Abu Dhabi's Lunate, has also steered billions of dollars into Affinity Partners."

"This time around, prominent figures involved also include Larry Ellison, the billionaire with close ties to the region. The Gulf investors plan to provide capital through non-voting equity investments and have agreed to forgo any governance rights, which would help ensure bid wouldn't need approval from the Committee on Foreign Investment in the US. The Middle East's latest attempt reinforces a years-long trend that's seen regional entities emerge as bankers to the world."

Middle Eastern funds have committed $24 billion to finance Paramount Skydance Corp.'s bid for Warner Bros. Discovery, with regional exposure likely higher due to ties with private-equity backers. Saudi Arabia's Public Investment Fund, the Qatar Investment Authority and Abu Dhabi’s L'imad Holding Co. joined to bankroll the hostile offer. Global buyout firms such as Apollo are providing substantial financing, with Abu Dhabi's Mubadala and the PIF's venture arm holding investments in those funds. The Saudi fund, QIA and Abu Dhabi-linked Lunate have steered billions into Affinity Partners. Investors plan to supply non-voting equity and forgo governance rights to avoid CFIUS approval. The activity continues a trend of Gulf wealth funds acting as major global financiers.

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