In a decision that reflects the evolving relationship between national sovereignty and global capital, the Federal Communications Commission has determined that foreign investors may hold up to 49.5 percent of a merged Paramount and Warner Bros. Discovery — just enough to welcome the world's money while keeping American hands nominally on the wheel. The ruling, issued in September 2026, clears one of the most uncertain regulatory hurdles in a consolidation that would reshape the American media landscape. It speaks to a broader pragmatism taking hold in regulatory bodies: that foreign investmen