"Affinity Partners, the investment fund tied to President Donald Trump's son-in-law Jared Kushner, exited Paramount Skydance's audacious bid to take over Warner Bros. Discovery on Tuesday, sharpening doubts about whether the deal can survive. The exit comes just days before Warner Bros. Discovery's board is expected to formally reject Paramount's latest $30-a-share all-cash offer ahead of a legal deadline of December 22 to respond to the hostile bid."
"Around 60 percent of the $40 billion equity package backing Paramount's offer comes from foreign sovereign wealth funds, including Saudi Arabia's Public Investment Fund, Abu Dhabi's L'imad Holding Company, and the Qatar Investment Authority. Although Paramount has repeatedly stressed that these partners, along with Affinity at the time, would have no voting or governance rights Affinity's decision, according to Axios, which first confirmed the move, removes a politically useful but financially modest, player from Paramount's consortium."
Affinity Partners, an investment fund tied to Jared Kushner, withdrew from Paramount Skydance's bid to acquire Warner Bros. Discovery, raising questions about the offer's viability. The exit occurred days before WBD's board was expected to formally reject Paramount's $30-per-share all-cash offer ahead of a December 22 legal deadline. Paramount Skydance announced its hostile takeover bid on December 8 after Netflix reached a nearly $83 billion agreement to buy WBD. Roughly 60 percent of the $40 billion equity package backing Paramount's offer comes from foreign sovereign wealth funds. Paramount maintained that its partners would have no voting or governance rights. Affinity's departure removes a politically useful though financially modest backer and reduces perceived regulatory insulation tied to Kushner's involvement.
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