Paramount’s Mideast Backing Likely Runs Deeper Than $24 Billion

A trio of Middle Eastern funds have agreed to stump up $24 billion to help bankroll Paramount Skydance Corp.’s bid for Warner Bros. Discovery Inc. The region’s exposure to the deal is likely larger, once its deep ties to private equity firms behind the bid are factored in.

Saudi Arabia’s Public Investment Fund and the Qatar Investment Authority joined the relatively-unknown Abu Dhabi firm L’imad Holding Co. to bankroll the hostile offer earlier this week. The funds are overseen by wealthy Gulf states that have long supplied large amounts of capital to global buyout firms.

One example is Apollo ...