Summary
Jared Kushner's firm, Affinity Partners, has pulled out of financing Paramount Skydance's bid to take over Warner Bros. Discovery. This decision comes amid a battle involving an existing $83 billion deal between Warner Bros. Discovery and Netflix. The board of Warner Bros. Discovery is expected to recommend sticking with the original deal with Netflix.
Key Facts
- Jared Kushner's firm, Affinity Partners, withdrew its support from Paramount Skydance's takeover bid of Warner Bros. Discovery (WBD).
- The original deal involves an $83 billion agreement between WBD and Netflix.
- Paramount Skydance offered a higher bid of $108.4 billion for WBD.
- Paramount's bid was financially supported by Gulf state wealth funds, including Saudi Arabia's Public Investment Fund.
- The Warner Bros. Discovery board plans to advise shareholders to stick with the Netflix deal.
- President Donald Trump has voiced concerns about the impact of the Netflix-WBD deal on market competition.
- Antitrust scrutiny is expected for both the Netflix and Paramount offers.
