Affinity Partners, the private equity firm founded by Jared Kushner, has withdrawn from the $108.4 billion offer for Warner Bros. Discovery.

Affinity Partners, the private equity firm founded by Donald Trump's son-in-law, Jared Kushner, announced on Tuesday that it has withdrawn from Paramount Skydance's $108.4 billion offer for Warner Bros. Discovery. The withdrawal was initially reported by Bloomberg and came a week after Paramount Skydance made the cash offer, in the context of Netflix agreeing to acquire part of Warner Bros. for $82.7 billion. A spokesperson for Affinity stated that the investment dynamics have changed significantly since the initial involvement in October. The Paramount Skydance offer is backed by external financing, including from the Saudi Public Investment Fund and the Qatar Investment Authority. Criticism has arisen regarding Affinity's ties to Trump, and some Democratic lawmakers have expressed concern about foreign money in American media companies. Regardless of the Paramount offer, Netflix has already reached an agreement to purchase part of Warner Bros., and the closing of this deal is expected after Warner Bros. Discovery separates its cable television division, Discovery Global, in the third quarter of 2026. The Paramount Skydance offer will expire on January 8, 2026, with the possibility of extension.