Jared Kushner’s investment firm, Affinity Partners, has withdrawn from the financing group backing Paramount’s $30-a-share, all-cash hostile bid for Warner Bros. Discovery, a move that adds fresh uncertainty to a takeover fight already shadowed by questions about funding and regulatory exposure. Affinity confirmed the exit in a statement, saying “the dynamics of the investment have changed significantly” since it first joined the effort in October.
Affinity framed its decision as a step back rather than a repudiation of the offer, saying it still sees “a strong strategic rationale” for Paramount’s proposal. The firm’s withdrawal came the same day President Donald Trump publicly distanced himself from the Ellison family, who control Paramount, after renewed complaints about CBS’s “60 Minutes.” Trump wrote on Truth Social, “If they are friends, I’d hate to see my enemies!” and later told reporters he wanted to look at market share before weighing in on any deal.
Paramount has told regulators it lined up $40.7 billion in equity financing and $54 billion in committed debt, with the Ellison family and RedBird Capital pledging to backstop the equity and banks including Bank of America and Citi listed among debt providers. Warner’s board has repeatedly raised concerns about how secure that financing is, and scrutiny has intensified around foreign participation after filings described major commitments tied to Gulf sovereign wealth funds. Democratic Reps. Sam Liccardo and Ayanna Pressley have urged Warner to seek a national security review through CFIUS if it engages with a foreign-backed bid; Paramount has argued the foreign partners agreed to forgo governance rights and board representation.
The pullout lands as Warner weighs Paramount’s tender offer against a rival agreement with Netflix that values Warner shares at $27.75 and targets Warner’s non-cable assets, leaving cable networks such as CNN outside the package. Warner has said it will respond to Paramount by Dec. 22, and reporting indicates the board is preparing to recommend shareholders reject Paramount’s proposal, setting up a decision point on whether Paramount raises its bid or walks away.
