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A private equity firm owned by President Donald Trump’s son-in-law, Jared Kushner, pulled its financial backing on Tuesday from Paramount’s $108 billion hostile takeover bid to acquire Warner Bros. Discovery.
Earlier this month, Paramount launched an all-cash tender offer partially financed by Kushner’s private equity firm, Affinity Partners, to acquire the outstanding shares of Warner Bros. Discovery for $30.00 per share in cash, just days after Netflix had agreed to acquire Warner Bros. Discovery in a deal valued at $27.75 per share.
“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, according to the Associated Press. “The dynamics of the investment have changed significantly since we initially became involved in October. We continue to believe there is a strong strategic rationale for Paramount’s offer.”
Although the amount Affinity was contributing to Paramount’s offer was not disclosed in its latest SEC filings, the bid is still supported by wealth funds run by three governments, widely reported as Saudi Arabia, Abu Dhabi and Qatar, according to AP.
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Kushner’s involvement in Paramount’s offer was previously criticized by Sen. Bernie Sanders, I-Vt., who accused Trump of embracing “authoritarianism” after learning that president’s son-in-law helped advance the hostile takeover bid.
While Paramount’s proposal is for all of Warner Bros. Discovery, the Netflix agreement would leave out cable assets, including CNN.
Before Paramount announced its bid, Trump said he would play a role in the proposed Netflix takeover, and he told reporters at the White House last week it was “imperative” CNN be part of any sale of the Warner Bros. Studios.
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In August, Paramount owner David Ellison took over Paramount as part of its $8 billion merger with Skydance Media, a deal that was plagued by politics as Paramount settled Trump’s election interference lawsuit against the company over CBS News’ handling of the “60 Minutes” interview with then-Vice President Kamala Harris.
On Tuesday, Trump criticized “60 Minutes” and CBS leadership, claiming he has been treated fairly under the company’s new leadership.
“For those people that think I am close with the new owners of CBS, please understand that ‘60 Minutes’ has treated me far worse since the so-called ‘takeover,’ than they have ever treated me before. If they are friends, I’d hate to see my enemies!” Trump wrote on Truth Social.
Trump has also raised antitrust concerns with the proposed Netflix deal, warning that the combined market share could be a problem.
Fox Business has reached out to Affinity Partners for more information.
Fox News Digital’s Lindsay Kornick contributed to this report.
