Kushner’s Firm Withdraws Support for Paramount’s Warner Bros. Discovery Acquisition Bid
Fox & Friends First co-host Todd Piro and entertainment lawyer Seth Berenzweig break down Netflix and Paramount’s bidding war over the purchase of Warner Bros. Discovery and President Donald Trump’s growing input and further emphasis on the sale of C
A private equity firm owned by President Donald Trump’s son-in-law, Jared Kushner, withdrew its financial support on Tuesday from Paramount’s $108 billion hostile takeover bid to acquire Warner Bros. Discovery.
Earlier this month, Paramount initiated an all-cash tender offer, partially financed by Kushner’s private equity firm, Affinity Partners, to acquire the outstanding shares of Warner Bros. Discovery for $30.00 per share. This move came just days after Netflix agreed to acquire Warner Bros. Discovery in a deal valued at $27.75 per share.
“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 stated, according to the Associated Press. “The dynamics of the investment have changed significantly since we initially became involved in October. We continue to believe there is a strong strategic rationale for Paramount’s offer.”
While the specific amount Affinity was contributing to Paramount’s offer was not disclosed in its latest SEC filings, the bid is still backed by wealth funds from three governments, widely reported as Saudi Arabia, Abu Dhabi, and Qatar, according to AP.
PARAMOUNT AND NETFLIX FACE SIMILAR ANTITRUST HURDLES IN WARNER BROS DISCOVERY BIDS, EXPERT SAYS
A private equity firm owned by President Donald Trump’s son-in-law, Jared Kushner, pulled its financial backing from Paramount’s $108 billion hostile takeover bid to acquire Warner Bros. Discovery on Dec. 16. (Alex Wong/Getty Images / Getty Images)
Kushner’s involvement in Paramount’s offer faced criticism from Sen. Bernie Sanders, I-Vt., who accused Trump of embracing “authoritarianism” after learning that the president’s son-in-law was helping advance the hostile takeover bid.
While Paramount’s proposal aims to acquire all of Warner Bros. Discovery, the Netflix agreement would exclude cable assets, including CNN. Before Paramount announced its bid, Trump stated he would play a role in the proposed Netflix takeover, emphasizing that it was “imperative” for CNN to be included in any sale of Warner Bros. Studios.
SENATE GEARS UP FOR ‘INTENSE’ ANTITRUST HEARING IN WAKE OF NETFLIX, WARNER BROS DEAL
President Donald Trump has raised antitrust concerns over the proposed Netflix takeover of Warner Bros. Discovery. (Dado Ruvic/Illustration/Reuters / Reuters)
In August, Paramount owner David Ellison took over Paramount as part of its $8 billion merger with Skydance Media, a deal that was marred by political controversy as Paramount settled Trump’s election interference lawsuit against the company over CBS News’ handling of the “60 Minutes” interview with then-Vice President Kamala Harris.
On Tuesday, Trump criticized “60 Minutes” and CBS leadership, claiming he has been treated unfairly under the company’s new management. He stated, “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. If they are friends, I’d hate to see my enemies!” Trump wrote on Truth Social.
Trump has also expressed antitrust concerns regarding the proposed Netflix deal, warning that the combined market share could pose significant issues.
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Paramount CEO David Ellison announced a hostile takeover bid of Warner Bros. Discovery on Dec. 8. (Charly Triballeau/AFP via Getty Images / Getty Images)
Fox Business has reached out to Affinity Partners for more information.
Fox News Digital’s Lindsay Kornick contributed to this report.
Fox & Friends First co-host Todd Piro and entertainment lawyer Seth Berenzweig break down Netflix and Paramount’s bidding war over the purchase of Warner Bros. Discovery and President Donald Trump’s growing input and further emphasis on the sale of C
A private equity firm owned by President Donald Trump’s son-in-law, Jared Kushner, withdrew its financial support on Tuesday from Paramount’s $108 billion hostile takeover bid to acquire Warner Bros. Discovery.
Earlier this month, Paramount initiated an all-cash tender offer, partially financed by Kushner’s private equity firm, Affinity Partners, to acquire the outstanding shares of Warner Bros. Discovery for $30.00 per share. This move came just days after Netflix agreed to acquire Warner Bros. Discovery in a deal valued at $27.75 per share.
“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 stated, according to the Associated Press. “The dynamics of the investment have changed significantly since we initially became involved in October. We continue to believe there is a strong strategic rationale for Paramount’s offer.”
While the specific amount Affinity was contributing to Paramount’s offer was not disclosed in its latest SEC filings, the bid is still backed by wealth funds from three governments, widely reported as Saudi Arabia, Abu Dhabi, and Qatar, according to AP.
PARAMOUNT AND NETFLIX FACE SIMILAR ANTITRUST HURDLES IN WARNER BROS DISCOVERY BIDS, EXPERT SAYS
A private equity firm owned by President Donald Trump’s son-in-law, Jared Kushner, pulled its financial backing from Paramount’s $108 billion hostile takeover bid to acquire Warner Bros. Discovery on Dec. 16. (Alex Wong/Getty Images / Getty Images)
Kushner’s involvement in Paramount’s offer faced criticism from Sen. Bernie Sanders, I-Vt., who accused Trump of embracing “authoritarianism” after learning that the president’s son-in-law was helping advance the hostile takeover bid.
While Paramount’s proposal aims to acquire all of Warner Bros. Discovery, the Netflix agreement would exclude cable assets, including CNN. Before Paramount announced its bid, Trump stated he would play a role in the proposed Netflix takeover, emphasizing that it was “imperative” for CNN to be included in any sale of Warner Bros. Studios.
SENATE GEARS UP FOR ‘INTENSE’ ANTITRUST HEARING IN WAKE OF NETFLIX, WARNER BROS DEAL
President Donald Trump has raised antitrust concerns over the proposed Netflix takeover of Warner Bros. Discovery. (Dado Ruvic/Illustration/Reuters / Reuters)
In August, Paramount owner David Ellison took over Paramount as part of its $8 billion merger with Skydance Media, a deal that was marred by political controversy as Paramount settled Trump’s election interference lawsuit against the company over CBS News’ handling of the “60 Minutes” interview with then-Vice President Kamala Harris.
On Tuesday, Trump criticized “60 Minutes” and CBS leadership, claiming he has been treated unfairly under the company’s new management. He stated, “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. If they are friends, I’d hate to see my enemies!” Trump wrote on Truth Social.
Trump has also expressed antitrust concerns regarding the proposed Netflix deal, warning that the combined market share could pose significant issues.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Paramount CEO David Ellison announced a hostile takeover bid of Warner Bros. Discovery on Dec. 8. (Charly Triballeau/AFP via Getty Images / Getty Images)
Fox Business has reached out to Affinity Partners for more information.
Fox News Digital’s Lindsay Kornick contributed to this report.
