Six Democratic senators led by Maria Cantwell urged the FCC to scrutinize the proposed Paramount Skydance and Warner Bros. Discovery merger. The transaction carries a $111 billion valuation. Lawmakers warned that Middle Eastern sovereign wealth funds and potential Chinese links could threaten the editorial independence of CBS and CNN.
Internal reports indicate Paramount Skydance targets a July 15 closing date for the acquisition. Law firm Milbank is rallying WBD bondholders to negotiate terms collectively. Creditors face a May 26 deadline for the pending debt exchange.