Jared Kushner’s private equity firm withdraws from the coalition backing Paramount Skydance’s hostile bid for Warner Bros. Discovery.
Affinity Partners, led by Kushner, announced that it will no longer pursue involvement in the effort to back the takeover. A spokesperson told NBC News that with two major competitors vying to shape the future of this high-profile asset, Affinity has decided to step away from the opportunity. The firm added that the investment dynamics have shifted significantly since their initial involvement in October, but they still see a strong strategic case for Paramount’s bid.
On December 8, Paramount Skydance CEO David Ellison revealed an unsolicited bid exceeding $108 billion to acquire Warner Bros. Discovery in its entirety. This move followed news of a separate deal between Netflix and Warner Bros. Discovery, in which Netflix would acquire Warner’s most valuable assets, including HBO Max, the HBO network, and Warner Bros. film studios.
Paramount’s bid, however, targeted the whole company and drew on the wealth of Larry Ellison, chairman and majority shareholder of Oracle. The financing for the Paramount Skydance offer also included commitments from Kushner’s Affinity Partners, Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority, and a large Abu Dhabi-based fund.
Kushner’s withdrawal from the alliance came amid reports that Warner Bros. was preparing to reject Paramount’s bid as early as Wednesday. Earlier on Tuesday, former President Trump criticized David Ellison on Truth Social, arguing that the treatment of him by certain media outlets has worsened since the so‑called takeover began. He suggested that if those outlets are friends, his enemies would be even worse off.
Any potential deal between Warner Bros. and Paramount Skydance would likely require antitrust review by the Justice Department and the Federal Trade Commission. Representatives for Paramount, Warner Bros. Discovery, and Netflix did not respond to requests for comment.
Steve Kopack, NBC News senior business reporter, contributed to this update.
