Tencent has been dropped as a financing partner from Paramount Skydance’s US$108 billion hostile bid for Warner Bros Discovery.

Chinese social media and gaming giant Tencent Holdings has pulled out of US media group Paramount Skydance Corp’s takeover bid for Warner Bros Discovery to avoid heightened scrutiny of foreign investment in the United States, according to a filing on the US Securities and Exchange Commission’s website. Tencent had pledged US$1 billion as part of Paramount’s December 1 proposal to acquire Warner Bros, but the Shenzhen-based company was removed as a financing partner in Paramount’s latest all-cash…

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