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The stench arising from the proposed purchase of Warner Bros. Discovery by Paramount isn’t just the concentration of market power by the merged studios nor the likely takeover of CNN by President Trump’s fanboys. It’s also the fact that the purchase is funded by investments from the sovereign wealth funds of three foreign nations, none of which are in any way, shape, or form democracies: Saudi Arabia, Abu Dhabi, and Qatar. Together, those three nations’ funds will own 49.5 percent of the merged company, with the possibility that that share might grow to a majority interest.
Under their deal with the Ellison family, which controls Paramount, the three nations are not to have any governance or policy-making powers over the company. But CNN, along with the BBC, is the world’s leading television news service, and its ownership by foreign nations would, at minimum, put its news coverage under question. So, of course, would its ownership by the Ellison family, which hosted a salute to Donald Trump dinner in the nation’s capital earlier this year, and whose takeover of CBS’s legendary news division has prompted numerous reporters and producers to leave rather than submit their work to the Trump-lite filter through which it now has to pass.
But while the Ellison takeover has been put on temporary hold by a federal court, where it’s being contested on classic antitrust grounds by a number of state attorneys general, the purchase of Warner Bros. by foreign nations has not been investigated by the governmental body that customarily handles such matters: the Committee on Foreign Investment in the United States (CFIUS), an inter-departmental body headed by the Treasury Department. As Trump has made clear that he wants the Ellisons to control CNN, his cabinet secretaries have refrained from having CFIUS do its customary job. This failure on the job has led a number of Democratic senators—Massachusetts’ Elizabeth Warren, Connecticut’s Richard Blumenthal, and California’s Adam Schiff—to tell CFIUS’s chair, Treasury Secretary Scott Bessent, that he and the rest of this particular national security agency are MIA when it comes to fulfilling their mission to screen foreign purchases of key American institutions.
But the most glaring absence from these duties isn’t CFIUS’s. It’s that of the far-right Republican elected officials who’ve sought to generate and mobilize anti-Muslim bigotry by campaigning against the completely nonexistent threat of Sharia law infiltrating and overtaking American jurisprudence. Last December, Texas Republican Congress Members Chip Roy and Keith Self founded the Sharia-Free America congressional caucus, in which they were quickly joined by Alabama Republican Sen. Tommy Tuberville. (Roy has since waged an unsuccessful campaign for Texas attorney general, having been defeated in the Republican primary; Tuberville is currently seeking election for Alabama governor—both likely calculating that mobilizing anti-Muslim sentiment on their behalf might help and couldn’t hurt their campaigns.) “No more Muslims,” Roy posted on X.
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