David Ellison’s Paramount Skydance has put together a group supported by sovereign wealth funds from Saudi Arabia, Qatar, and Abu Dhabi to bid $71 billion for Warner Bros. Discovery. The consortium, led by the Ellison family, plans to contribute $50 billion, with each fund adding $7 billion. Initial bids are due Nov. 20, with Comcast and Netflix also expected to bid. Backers include RedBird Capital, and each Middle Eastern fund would receive minority stakes and access to studio IP. Paramount Skydance recently disclosed $60,000 in Q3 lobbying spending on “media regulation.” Stay tuned for updates on this developing story.

Read more at Quiver Quant: Paramount Skydance Assembles $71B Bid for Warner Bros. Discovery With Backing From Saudi, Qatar, and Abu Dhabi Funds