Three of the Gulf’s largest sovereign wealth funds have joined forces to back Paramount Skydance’s $108 billion hostile bid for Warner Bros. Discovery, signaling a coordinated push by regional investors to expand their presence in the global entertainment industry.

Saudi Arabia’s Public Investment Fund (PIF), Abu Dhabi’s L’imad Holding Company, and the Qatar Investment Authority (QIA) have agreed to support the deal, Paramount confirmed on Monday. The company also counts Affinity Partners, a fund founded by Jared Kushner and backed by investors from Qatar and the UAE, among its supporters.

The collaboration marks a rare alliance among Gulf states as they accelerate efforts to diversify their economies through investments in entertainment, media, and technology, according to Reuters. Analysts say the move reflects a shared ambition to secure cultural influence and expand ownership of global content assets.

“A joint three-way alliance is very unusual, but it allows the three countries to step outside their regional media empires and brings them straight into the media big league,” said Neil Quilliam, partner at Azure Strategy in London. He added that the deal fits with their “joint aspirations to become global influencers and to shape new media narratives.”

While Gulf sovereign funds have previously invested in the same companies — such as PIF and Mubadala’s joint stake in India’s Reliance Retail in 2020 — direct collaboration on a single takeover remains rare. The scale of the deal may have prompted cooperation, with one regional banker noting that it is uncommon for Gulf funds to join a hostile bid.

Because the investors will not hold governance rights or board seats, their participation will not require approval from the US Committee on Foreign Investment in the United States (CFIUS), Paramount said in a filing.

Beyond the financial headlines, the move underscores the Gulf’s growing ambitions in global entertainment. From investing in production companies to opening cinemas and theme parks, the region is steadily expanding its creative footprint. “This is a strategic and high-priority investment space for Gulf sovereign and other investors,” said Robert Mogielnicki, a Middle East political economist. “The acquisition would give them ownership of some of the world’s most iconic shows and access to a whole new audience.”

The Gulf’s ties to Hollywood are already visible. Universal Pictures’ Furious 7 filmed scenes in Abu Dhabi, while PIF recently acquired a majority stake in Saudi media giant MBC Group and led a record-breaking $55 billion deal to buy Electronic Arts, signaling its ambition to turn the kingdom into a global hub for gaming and entertainment.

As Hollywood-backed theme parks and regional productions multiply, the Gulf’s latest joint move into one of the industry’s biggest media battles reflects a deeper shift — one in which oil wealth is increasingly fueling cultural and creative influence on the global stage.