On Monday, Paramount launched a hostile $77.9 billion takeover offer for Warner Bros. Discovery , competing with rival bidder Netflix to buy the company behind HBO, CNN and a famed movie studio

xBANGKOK: 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 Feder

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