Affinity Partners Withdraws from Paramount Skydance’s $108 B Takeover Bid for Warner Bros. Discovery

Affinity Partners, the private‑equity arm of Jared Kushner, has pulled out of the $108 billion hostile takeover bid for Warner Bros. Discovery that Paramount Skydance was spearheading.

The Withdrawal

In a statement to NBC News, a spokesperson for Affinity said, “With two strong competitors vying to secure the future of this unique American asset, Affinity has decided no longer to pursue the opportunity,” adding that the firm is led by President Donald Trump’s son‑in‑law. The spokesperson also noted, “The dynamics of the investment have changed significantly since we initially became involved in October,” and that the firm still believes there is a strong strategic rationale for Paramount’s offer.

Paramount’s Bold Move

On December 8, Paramount Skydance CEO David Ellison announced a more than $108 billion unsolicited takeover offer for all of Warner Bros. Discovery’s assets. The bid sought control of the entire company, a move that would be financed in part by Affinity, Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and a large Abu Dhabi‑based fund. Paramount’s offer was backed by the wealth of Ellison’s father, Larry Ellison, chairman and majority shareholder of Oracle.

The Netflix Deal

Just days before Ellison’s announcement, Netflix and Warner Bros. Discovery unveiled a separate agreement. Under that deal, Netflix would acquire the most valuable parts of Warner, including the HBO Max streaming service, the HBO network and Warner Bros. film studios. Netflix, which began as a DVD‑by‑mail company, now reaches more than half a billion subscribers across 190 countries in 50 languages.

Trump’s Reaction

Earlier on Tuesday, Trump took to Truth Social to express displeasure with David Ellison. He wrote, “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,” and added, “If they are friends, I’d hate to see my enemies!”

Regulatory Hurdles

Any deal between Warner Bros. Discovery and Paramount Skydance will likely need clearance from the Justice Department’s antitrust division and the Federal Trade Commission. Paramount, Warner Bros. Discovery and Netflix have not yet responded to requests for comment.

Key Takeaways

• Affinity Partners has exited Paramount Skydance’s $108 billion hostile takeover bid for Warner Bros. Discovery.
• Paramount’s offer covers the entire company and is supported by major international investors.
• Netflix and Warner Bros. Discovery have reached a separate deal for key Warner assets.

The withdrawal of Affinity Partners marks a significant shift in the competitive landscape for Warner Bros. Discovery. With major players recalibrating their strategies, the future of the media conglomerate remains uncertain as regulatory scrutiny looms and alternative partnership options emerge.