Affinity Partners, the private equity firm led by Jared Kushner, has withdrawn from backing Paramount Skydance’s bid to acquire Warner Bros. Discovery. The move, announced on December 16, 2025, comes as the hostile bid faces ongoing financing challenges and competitive dynamics in a deal valued at more than $108 billion including debt.
Sources across major outlets, including NBC News, CNBC, Bloomberg, ABC News, Deadline, and Variety, have reported that Affinity Partners decided not to pursue the opportunity, noting that investment dynamics had shifted since October. While the withdrawal complicates the financing picture for Paramount Skydance, a spokesperson indicated that there remains strategic rationale for Paramount’s offer, even as the broader bid narrative continues to develop.
Netflix has advanced a separate deal related to Warner Bros. Discovery assets, adding another layer of competition and influence over the potential sale. Separately, Warner Bros. Discovery has signaled plans to spin out Discovery Global, underscoring the evolving strategic considerations for the company as it weighs its options.
As of now, Warner Bros. Discovery has not publicly commented on the withdrawal, and there is no public resolution to the bid. Industry observers note that financing concerns could be a significant factor in the bid’s progress, even as Paramount Skydance continues its pursuit under a hostile bid framework.