What it does The LOA requires Paramount to notify the Department of Justice compliance-monitoring agencies within two calendar days after the closing of the merger between Paramount Skydance and Warner Bros. Discovery. Within 90 days after closing, Paramount must submit post-closing policies and plans for safeguarding U.S. person data; the agencies have 60 days to object or not object. Paramount must prevent unauthorized access, use, and disclosure of that data, update its safeguards as appropriate, and obtain prior FCC approval for changes to foreign investors’ voting, governance, or information rights. The agreement becomes effective for compliance purposes upon FCC approval of the petition.

Who it affects The commitments bind Paramount and its successors and assigns, cover its subsidiaries, affiliates, and service providers, and apply to the specified foreign investors. DOJ, including the FBI, serves as the compliance-monitoring agency, with the Committee retaining administrative and termination authorities.

Why it matters The LOA conditions the proposed foreign investment and data-security arrangements on continuing oversight. Breaches or unresolved national-security concerns may prompt recommendations that the FCC modify, condition, revoke, cancel, or nullify relevant authorizations and may support other legal remedies.

Key dates and numbers

• September 4, 2026: LOA date shown in the document; catalogue date is September 3, 2026.
• 2 days: closing notification deadline.
• 90 days: deadline for submitting security policies and plans.
• 60 days: agency objection/non-objection period.
• 25%: Section 310(b)(4) foreign-equity and voting benchmark addressed by the petition.
• 20%: proposed advance ceiling for certain non-controlling prospective foreign investors.
• TT 26-006