Kushner's firm pulls out of Warner bidding

Jared Kushner's private equity firm, Affinity Partners, is no longer participating in a bid to acquire Warner Bros Discovery, a spokesperson for the firm said Tuesday.

- LAUREN HIRSCH

Affinity Partners emerged as a small investor in Paramount's roughly $108 billion offer, which Warner Bros Discovery has rejected in favour of a deal with Netflix. Paramount has now taken its offer to shareholders and is awaiting an official response from 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," the spokesperson for Affinity said in a statement.

"The dynamics of the investment have changed significantly since we initially became involved in October," the statement continued. "We continue to believe there is a strong strategic rationale for Paramount's offer." Bloomberg reported earlier that Affinity had dropped out of the bid.