New York Post·2025-12-17 15:54Core Viewpoint - Affinity Partners, led by Jared Kushner, is withdrawing support for Paramount Skydance's hostile takeover bid for Warner Bros. Discovery (WBD), which has been advised by its board to reject the $78 billion offer from the Ellison family in favor of a competing bid from Netflix [1][5][7]. Group 1: Affinity Partners and Paramount's Bid - Affinity Partners decided to pull out of the Paramount bid due to scrutiny surrounding Kushner's involvement, despite contributing $200 million to the offer [2][4]. - The firm stated that it believes there is a strong strategic rationale for Paramount's offer, even as it steps back from the partnership [4]. Group 2: Warner Bros. Discovery's Position - WBD's board unanimously recommended that shareholders reject Paramount's offer, citing its inadequacy and associated risks [5][13]. - The board's stance likely facilitates Netflix's acquisition of WBD's key assets, with Netflix's offer valuing WBD at $82.7 billion, or $27.75 per share, compared to Paramount's $30 per share all-cash bid [7][11]. Group 3: Competitive Landscape and Financing Concerns - WBD CEO David Zaslav has expressed a preference for the Netflix bid, highlighting concerns over Paramount's financing structure, which is linked to a revocable trust associated with Larry Ellison's wealth [11][19]. - Paramount claims its bid offers quicker value for shareholders, while Netflix's deal is perceived to face regulatory hurdles and complex financing [16][19].