Kushner's Affinity Partners backs out of Warner Bros. deal
Jared Kushner's Affinity Partners has stepped away from the $108 billion race to buy Warner Bros. Discovery, according to Bloomberg.
The firm was working with Paramount Skydance to top Netflix's $82.7 billion offer, but dropped out after concerns over unwanted attention tied to Kushner's Trump connections.
What this means for the media world
Affinity had pledged $200 million toward the bid, which also had backing from big Middle Eastern investors like Saudi Arabia's Public Investment Fund.
Despite all this, Warner Bros. is expected to reject Paramount's bid due to concerns about financing and other terms.
Both Paramount and Netflix have put aside huge breakup fees in case antitrust regulators step in—showing just how high the stakes are as they try to shake up who dominates streaming and entertainment next.