"The private equity firm this month emerged as a participant in Paramount Skydance Corp.'s hostile bid for Warner Bros., which valued the media and entertainment company at $108.4 billion including debt. Paramount is seeking to scupper Netflix Inc.'s agreed $82.7 billion deal for Warner Bros. Affinity was helping to finance Paramount's move. It now believes the dynamics of an investment have changed since it became involved in the process in October, a representative for the firm said."
""With two strong competitors vying to secure the future of this unique American asset, Affinity has decided no longer to pursue the opportunity," the firm said. "We continue to believe there is a strong strategic rationale for Paramount's offer." Warner Bros. is planning to reject Paramount's offer due to concerns about financing and other terms, people familiar with the matter said Tuesday."
Affinity Partners, Jared Kushner's private equity firm, exited the takeover battle over Warner Bros. Discovery after participating in Paramount Skydance Corp.'s hostile bid that valued Warner Bros. at $108.4 billion including debt. Paramount's offer aims to derail Netflix's agreed $82.7 billion acquisition. Affinity had been helping to finance Paramount's move and its potential equity stake was about $200 million, but the firm said investment dynamics changed since October and it would no longer pursue the opportunity. Warner Bros. plans to reject Paramount's proposal over financing and other term concerns. The bidding raises antitrust scrutiny and involves influential Middle Eastern backers and potential White House interest.
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