AceShowbiz - Paramount Skydance is reportedly close to securing a major funding agreement involving sovereign wealth funds from Gulf nations to support its planned acquisition of Warner Bros. Discovery, according to a recent Wall Street Journal report.

The company aims to obtain signed equity commitments totaling nearly $24 billion. A significant portion of this amount, around $10 billion, is expected to come from Saudi Arabia's Public Investment Fund. The discussions also include participation from the Qatar Investment Authority and Abu Dhabi’s L'imad Holding Co.

Sources suggest that these negotiations may culminate in a formal agreement as soon as Monday, marking a critical step forward in the financing of the high-profile deal. The involvement of these Gulf sovereign wealth funds highlights the scale and international interest in the proposed acquisition.

This move comes amid ongoing industry scrutiny and opposition, including from theater owners who have voiced concerns about the merger's impact on the entertainment sector and local businesses. Despite these challenges, Paramount appears poised to finalize the financial backing needed to proceed with its acquisition of Warner Bros. Discovery.

The potential deal represents one of the largest media acquisitions in recent history and could reshape the entertainment landscape depending on its outcome and regulatory approvals.