Covered in this article Foreign Ownership Moves to the Forefront The Gulf Capital Stack Is Now Part of the Structure Voting Control Is Not the Only Form of Influence Editorial Concerns Are No Longer Hypothetical Regulatory Review Has a Narrow Lens The Warner Deal Is Becoming a Structural Test FilmTake Away: Ownership Without Control Still Carries Consequences Paramount Skydance’s proposed takeover of Warner Bros. Discovery was already a test of media consolidation, political capital, and