Media

The FCC's Media Bureau issued a declaratory ruling on September 17, 2026, permitting aggregate indirect foreign equity ownership in Paramount to reach 100%, while barring foreign voting control and any foreign influence over content or management. The ruling clears one regulatory hurdle for the proposed Paramount-WBD merger but does not constitute merger approval; the transaction remains blocked by a court stipulation and faces a 12-day antitrust trial scheduled to begin March 2, 2027. Specific approvals were granted for Gulf sovereign wealth funds including Saudi Arabia's PIF, Qatar's QIA, and UAE-linked entities to hold non-voting Class B shares, with each capped at a non-controlling 20% indirect equity interest.

On September 17, 2026, Disney appointed Adam Smith as Chairman of Direct-to-Consumer for Disney Entertainment, giving him oversight of Disney+ and Hulu across product, engineering, advertising technology, and programming strategy. Joe Earley moves to a newly created television franchise and content strategy role, with secondary sources placing him under Disney Entertainment Television Chairman Debra OConnell. Disney's official announcement leaves Smith's formal reporting line and whether ESPN's streaming operations fall under his authority unconfirmed.

MFE-MediaForEurope reported net consolidated revenue of €2.95 billion for the first half of 2026, down 6.1% on a pro forma basis, as group net advertising revenue fell 7.5% to €2.08 billion, with the DACH region seeing the steepest country-level ad decline. Despite the revenue contraction, adjusted EBIT swung from a pro forma loss of €7.3 million to a gain of €145.7 million, driven largely by a 10.7% reduction in operating costs following the ProSiebenSat.1 integration. Full-year results will hinge heavily on Q4 performance, particularly in Germany, where management acknowledges limited forward visibility.