Paramount says China's Tencent withdrew from its Warner Bros bid to avert national security issues

Paramount says China's Tencent withdrew from its Warner Bros bid to avert national security issues

BANGKOK — Paramount Skydance says the Chinese gaming and social media giant Tencent Holdings withdrew from its bid to buy Warner Bros Discovery to avert a possible national security review.

Paramount's revised filing with the U.S. Securities and Exchange Commission of its takeover bid said the Chinese company had dropped its $1 billion financing commitment out of concern, since it would be a “non-U.S. equity financing source,” that its bid might be subject to a review by the Committee on Foreign Investment in the United States, known as CFIUS. That was even though approval by CFIUS or by the Federal Communications Commission was not a condition of the bid.

The SEC filing, dated Monday, sai