Paramount Skydance ​is in talks to secure equity commitments ‌of almost $24 billion from three sovereign wealth funds led by Saudi Arabia to back its takeover of Warner Bros Discovery, ​the Wall Street Journal has reported.

Saudi Arabia's Public Investment Fund (PIF) has agreed to ‌provide ⁠roughly $10 billion, the WSJ reported citing people familiar with the matter. The other backers are likely to include Qatar Investment Authority and Abu Dhabi's L'imad Holding, the WSJ reported.

The US ​entertainment giant in February said it has agreed buy ⁠its peer in a $110 billion deal - with an equity ​value of $81 billion - that they expect to close in ​the third quarter.

The merger would combine major studios and networks such as CNN and CBS, enabling them to compete more aggressively as ​streaming draws audiences away from traditional linear TV.