Affinity Partners, the private equity firm founded by Jared Kushner—President Trump's son-in-law—has withdrawn from backing Paramount Skydance's $108.4 billion hostile takeover bid for Warner Bros. Discovery (WBD), multiple sources including Axios, Bloomberg, and CNBC confirmed Tuesday.
The move comes amid intense scrutiny over Kushner's potential influence on a major U.S. media asset, including CNN, and as WBD's board prepares to formally reject Paramount's all-cash $30-per-share offer, favoring a previously agreed $82.7 billion deal to sell its studio, HBO, and streaming assets to Netflix while spinning off cable networks.
A spokesperson for Affinity stated: "With two strong competitors vying to secure the future of this unique American asset, Affinity has decided no longer to pursue the opportunity. We continue to believe there is a strong strategic rationale for Paramount’s offer."
Kushner's firm, launched in 2021 with significant funding from Saudi Arabia's Public Investment Fund, had drawn political and media attention due to Trump's public comments on reviewing media deals and his criticism of CNN.
Paramount launched the unsolicited bid earlier in December after losing a formal auction to Netflix, arguing its full-company offer provided superior value and faced fewer regulatory hurdles. If rejected, Paramount could raise its bid, prolonging a high-stakes battle reshaping Hollywood's streaming and media landscape.