Jared Kushner’s private equity firm, Affinity Partners, has exited the bidding process for Warner Bros. Discovery, ending its involvement in a potential $108 billion acquisition led by Paramount Global.
Affinity Partners, founded by Kushner shortly after his father-in-law Donald Trump’s first presidential term, had initially participated as a minor investor in Paramount’s takeover offer. However, Warner Bros. Discovery rejected the bid, opting instead for a deal with Netflix. Paramount has since submitted a revised proposal directly to Warner Bros. Discovery’s shareholders and awaits their response.
In a statement released Tuesday, an Affinity spokesperson confirmed the withdrawal, citing "significant changes in the investment landscape" since the firm joined the bid in October. The statement emphasized that while Affinity still views Paramount’s offer as strategically sound, it chose to step back as "two strong contenders now vie for the future of this unique American asset."
Paramount first approached Warner Bros. Discovery in mid-September, submitting multiple revised offers before the latter finalized its agreement with Netflix earlier this month.
Kushner, who launched Affinity with billions raised from Saudi Arabia’s sovereign wealth fund, manages approximately $5.4 billion in assets. The firm, known for minority stakes, has recently pursued larger deals, including a $55 billion bid for Electronic Arts.
Kushner’s involvement drew scrutiny due to Warner Bros. Discovery’s ownership of CNN, a frequent target of Trump’s criticism. Had the deal succeeded, Kushner would have held a stake in the news network’s parent company. Trump previously stated he would "intervene" in any regulatory review of the acquisition.
Analysts suggest Affinity’s exit will have minimal financial impact on Paramount’s bid, as most equity funding comes from a revocable trust managed by billionaire Larry Ellison, father of Paramount CEO David Ellison. Earlier proposals reportedly included $24 billion from Middle Eastern sovereign funds, while Affinity’s contribution was estimated at just $200 million.
Separately, Affinity announced Monday its withdrawal from a proposed $500 million Trump-branded real estate project in Serbia, following corruption allegations against four Serbian officials. The firm cited a commitment to "projects that unite rather than divide" and respect for Serbia’s people and Belgrade.
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