FILE - A man rides past the Tencent headquarters in Beijing, China on Aug. 7, 2020.
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Paramount Skydance says that the Chinese gaming and social media giant Tencent Holdings withdrew from its bid to buy Warner Bros Discovery to avert a national security review. A revised filing by Paramount with the U.S. Securities and Exchange Commission shows the Chinese company dropped its $1 billion financing commitment for the takeover bid due to concern its participation might lead to a review by the Committee on Foreign Investment in the United States, known as CFIUS. The filing said that three Middle Eastern foreign sovereign wealth funds that are part of Paramount's bid gave up their rights to participate in Warner Bros' management to avoid additional scrutiny.
