Jared Kushner, Trump’s Son-in-Law, Backs Out of Paramount’s Warner Bros. Discovery Bid

According To The variety Jared Kushner‘s Affinity Partners investment firm is no longer part of Paramount Skydance‘s acquisition bid for Warner Bros. Discovery, Variety has confirmed. Affinity Partners said in a statement to Bloomberg, which first reported the news: “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.” Variety has reached out to Affinity Partners for additional info. Kushner is married to Ivanka Trump, the daughter of President Donald Trump. Paramount, led by chairman and CEO David Ellison, has launched a hostile takeover attempt for the entirety of Warner Bros. Discovery. That came after Netflix inked a deal with WBD to buy the Warner Bros. studios and HBO Max in a deal with an enterprise value of $82.7 billion. Paramount Skydance’s $30/share bid for Warner Bros. Discovery was being backed by Affinity Partners, the investment firm founded by Kushner. In addition, Paramount’s latest offers are backed by the sovereign wealth funds of Saudi Arabia, Qatar and Abu Dhabi, as first reported by Variety. In prior communications to the Paramount team, WBD’s board had expressed concerns that Paramount’s Dec. 1 bid would trigger a problematic national security review by the U.S. government because of the foreign investors. Paramount said in an SEC filing last week that the three Arab wealth funds and Kushner’s Affinity “agreed to forgo any governance rights — including board representation — associated with their non-voting equity investments.” Now, Affinity is no longer part of the bid. In addition, Chinese internet company Tencent, which had previously committed $1 billion to the Paramount Skydance bid, is no longer a financing partner because of the WBD board’s concerns over foreign ownership. Paramount said in an SEC filing last week that the three Arab wealth funds and Kushner’s Affinity “agreed to forgo any governance rights — including board representation — associated with their non-voting equity investments.” Now, Affinity is no longer part of the bid. In addition, Chinese internet company Tencent, which had previously committed $1 billion to the Paramount Skydance bid, is no longer a financing partner because of the WBD board’s concerns over foreign ownership