10 Firms Defy Market’s Bullish Momentum

8. Paramount Global (NASDAQ:PARA)

Mass media and entertainment giant Paramount Global (PARA) saw its shares decline by 2.16 percent on Wednesday at $10.44 apiece after receiving public scrutiny for its planned merger with Skydance Media due to the participation of China-based Tencent Holdings Ltd., which was recently added to the US military blacklist.

John Moolenaar, chairman of the House China Select Committee, said in a statement on Wednesday that the merger should be reviewed by the Treasury Department’s Committee on Foreign Investment in the US.

“We’ve heard from multiple Hollywood executives about rampant self-censorship designed to curry favor with the Chinese Communist Party,” the Michigan Republican said. “Given that just this month, the Department of Defense designated Tencent as a Chinese military company, CFIUS should closely scrutinize the proposed merger to ensure the Chinese Communist Party is not further solidifying its hold on the American entertainment industry.”

Tencent, a technology and entertainment company, owns a minority stake in Skydance.