Kushner pulls firm's financing of Paramount's hostile bid for WBD
One of Jared Kushner’s firms announced on Tuesday that it is exiting the takeover battle for Warner Bros. Discovery, after previously helping finance Paramount Skydance’s bid to acquire the entertainment company.
TL;DR
- Affinity Partners, founded by Jared Kushner, has pulled a $200 million investment from Paramount Skydance's bid for Warner Bros. Discovery.
- Paramount Skydance made a hostile bid for WBD after Netflix's initial acquisition seemed likely.
- The WBD board is advising shareholders to reject Paramount Skydance's offer.
- Paramount Skydance is offering $30 per WBD share, compared to Netflix's $27.75.
- It is uncertain how Affinity Partners' withdrawal affects the value of Paramount Skydance's bid.