Kushner’s company withdraws funding from Paramount’s Warner Bros. bid. Discovery
Fox & Friends First host Todd Piro and entertainment attorney Seth Berenzweig break down Netflix and Paramount’s bidding war over the Warner Bros. acquisition.
The private equity firm run by President Donald Trump’s son-in-law, Jared Kushner, withdrew its financial backing Tuesday for Paramount’s aggressive $108 billion takeover bid for Warner Bros. Discovery.
Earlier this month, Paramount launched an all-cash tender offer partially funded by Kushner’s private equity firm, Affinity Partners, to acquire the remaining shares of Warner Bros. Discovery for $30.00 per share, just days after Netflix agreed to acquire Warner Bros. Discovery per share is valued at $2275 at $22 each.
“With two powerful competitors fighting to secure the future of this unique American asset, Affinity has decided not to pursue this opportunity,” the company said, according to the Associated Press. “The dynamics of the investment have changed significantly since we first got involved in October. We continue to believe there is a strong strategic rationale for Paramount’s offering.”
Although the amount Affinity was contributing to Paramount’s offer was not disclosed in its latest SEC filing, the bid is being backed by sovereign wealth funds run by three governments, widely reported as Saudi Arabia, Abu Dhabi and Qatar, according to the AP.
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The private equity firm run by President Donald Trump’s son-in-law, Jared Kushner, has withdrawn its financial backing from Paramount’s aggressive $108 billion takeover bid for Warner Bros. Discovery on Dec. 16. (Photos by Alex Wong / Getty Images)
Kushner’s involvement in Paramount’s bid was previously criticized by Sen. Bernie Sanders, I-Vt., who accused Trump of accepting “authoritarianism” after learning that the president’s son-in-law had helped advance the brutal bid to take over.
Although Paramount’s proposal is that of all Warner Bros. Discovery, the Netflix deal would leave out cable assets, including CNN.
Before Paramount announced its bid, Trump said he would participate in the proposed Netflix takeover, and told reporters at the White House last week that it was “critical” that CNN be part of any sale of Warner Bros. Studios.
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President Donald Trump has raised antitrust concerns about Netflix’s proposed takeover of Warner Bros. Discovery. (Dado Ruvic/Illustration/Reuters/Reuters)
In August, Paramount owner David Ellison acquired Paramount as part of its $8 billion merger with Skydance Media, a deal that became politically fraught as Paramount settled Trump’s election interference lawsuit against the company over its hosting of a CBS “60 Minutes” interview with then-Vice President Kamala Harris.
On Tuesday, Trump criticized “60 Minutes” and CBS leadership, saying he has been treated well under the company’s new leadership.
“For those people who think I’m close to the new owners of CBS, please understand that ’60 Minutes’ has treated me worse since the so-called ‘takeover,’ than they’ve ever treated me before. If they’re friends, I’d hate to see my enemies!” Trump wrote on Truth Social.
Trump has also expressed concerns about the untrustworthiness of the proposed Netflix deal, warning that combined market share could be a problem.
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Paramount CEO David Ellison announced an aggressive takeover bid for Warner Bros. Discovery on 8 Dec. (Charly Triballeau/AFP via Getty Images/Getty Images)
Fox Business has contacted Affinity Partners for more information.
Fox News Digital’s Lindsay Kornick contributed to this report.
