Jared Kushner’s Firm Drops Out of Paramount’s Bid For Warner Bros. Discovery

Paramount has one less investor in its bid to acquire Warner Bros. Discovery, with Jared Kushner’s firm dropping out of the attempted hostile takeover. As reported a little over a week ago, Paramount launched a hostile takeover bid for Warner Bros. Discovery. The big came a few days after Netflix announced a deal to acquire WBD.

Paramount’s bid is valued at $108.4 billion for the entire company, while Netflix’s $82.7 billion deal does not include Discovery Global. Discovery Global will be the network side of WBD, which will be spun off assuming Paramount is not successful. Among the investors backing Paramount’s bid were Affinity Partners — Kushner’s firm — as well as Saudi Arabia’s Public Investment Fund and the Qatar Investment Authority. Deadline reports that Affinity has exited the bid.

“With ​two ​strong competitors ​vying to secure ​the future ​of this ​unique American ​asset, ​Affinity ​has ​decided no longer to pursue ​the opportunity,” the firm said in a statement. “We ​continue to ​believe ​there is a strong strategic rationale for Paramount’s offer.”

Kushner’s involvement with the bid raised alarms over his connection to President Trump. Kusher is the president’s son-in-law, and Trump is expected to have involvement in the approval process by the government of any acquisition of WBD.

The Warner Bros. Discovery board is currently weighing Paramount’s bid. WBD is the broadcast partner of AEW, though the battle for WBD is not expected to affect AEW at least until late next year, perhaps even further than that.