Jared Kushner's firm backs out of Paramount's Warner Bros. bid

Source: NBC News

Dec. 16, 2025, 4:49 PM EST / Updated Dec. 16, 2025, 6:20 PM EST


Jared Kushner's private equity firm says it is dropping out of the group of firms that planned to back Paramount Skydance's hostile takeover bid for Warner Bros. Discovery.

"With ​two ​strong competitors ​vying to secure ​the future ​of this ​unique American ​asset, ​Affinity ​has ​decided no longer to pursue ​the opportunity," a spokesperson for the company led by President Donald Trump's son-in-law said in a statement to NBC News. "The dynamics ​of the investment have changed significantly ​since we initially became ​involved ​in October," the firm said. "We ​continue to ​believe ​there is a strong strategic rationale for Paramount’s offer."

On Dec. 8, Paramount Skydance CEO David Ellison said he was launching a more than $108 billion unsolicited takeover offer for all of the media giant Warner Bros. Discovery's assets.

That came just days after Netflix and WBD announced a separate deal, under which Netflix would acquire the most valuable parts of Warner. Those assets include the HBO Max streaming service, HBO network and Warner Bros. film studios. But Paramount's hostile offer was for the entire company, and backed by the wealth of Ellison's father, Larry Ellison, who is chairman and majority shareholder of Oracle.

Read more: https://www.nbcnews.com/business/media/kushner-affinity-warner-bros-paramount-rcna249583