A political firestorm is erupting over plans tied to a massive $111 billion media merger that could open the door for Gulf state investors to gain unprecedented influence over major Western media outlets. At the center of the controversy is a proposed takeover of Warner Bros by Paramount , a deal heavily backed by funding from Saudi Arabia, the United Arab Emirates and Qatar. Together, those nations are contributing $24 billion, making up the bulk of the equity financing, alongside $54 billion in new debt. An aerial view of the Paramount logo on the water tower at Paramount Studios. Getty Images A camel used for tourists sits on the beach in Dubai. AFP via Getty Images Paramount, run by 43-year-old David Ellison, has quietly asked the Federal Communications Commission to approve a waiver that would allow foreign ownership of up to 100%, while limiting voting power to 20%.…