Chinas Tencent Exits Financing for Paramount Skydances Warner Bros. Bid

Paramount Global headquarters in Times Square in New York City. Michael M. Santiago/Getty ImagesChinese tech group Tencent Holdings has withdrawn from Paramount Skydance Corp.’s financing plan for its proposed takeover of Warner Bros. Discovery, removing a major non-U.S. backer from one of Hollywood’s most contentious merger battles, according to a revised filing with the Securities and Exchange Commission (SEC).Paramount disclosed in a Dec. 8 amendment that the Chinese gaming and social-media conglomerate had withdrawn its $1 billion funding commitment.