Logo text Rep. Sam Liccardo has sent a letter to Federal Communications Commission Chairman Brendan Carr, urging him to reject Paramount’s petition that would allow three Middle East sovereign wealth funds to own a significant equity stake in the company once its takeover of Warner Bros. Discovery is complete. Saudi Arabia’s PIF (public investment fund), L’Imad, an Abu Dhabi sovereign wealth fund, and a Qatar Investment Authority fund have committed some $24 billion in equity funding, and would own 38.5 percent of Paramount ‘s equity, with other foreign investors bringing the total to nearly 50 percent. “The scale, concentration, and sovereign nature of this foreign ownership present serious and unresolved questions about national security, foreign influence over American media, and public interest obligations the Commission is duty-bound to uphold,” Liccardo writes in his letter, which is dated May 1 and was obtained by The Hollywood Reporter .…