Tencent has withdrawn from Paramount Skydance’s $108 billion hostile bid for Warner Bros. Discovery, after concerns that its involvement could trigger a U.S. national security review.
Paramount disclosed in an SEC filing that Warner Bros. raised alarms about Tencent’s role as a non-U.S. financier, which could draw scrutiny from the Committee on Foreign Investment in the United States (CFIUS).
Tencent had pledged $1 billion to the original December 1 offer, but was removed from the revised all-cash $30-per-share proposal.
Warner Bros' lack of response fueled Paramount's hostile bid, filing says https://t.co/XjgvgHzlTW https://t.co/XjgvgHzlTW
— Reuters (@Reuters) December 9, 2025
The exit reflects tightening U.S. oversight of Chinese investment in media and technology, especially after the Pentagon labeled Tencent a “Chinese military company” earlier this year, a designation the firm disputes.
The bid is now backed by three Middle Eastern sovereign wealth funds and Jared Kushner’s Affinity Partners, all agreeing to forgo governance rights to avoid CFIUS review.
Paramount’s offer competes with Netflix’s $72 billion plan to acquire Warner Bros.
Also read:
TIPP Staff
TIPP Staff
