Media M&A

Jared Kushner’s private‑equity firm Affinity Partners has withdrawn from Paramount Skydance’s hostile $30‑per‑share tender offer for Warner Bros. Discovery, saying investment dynamics have changed since October. The WBD board is reportedly leaning toward rejecting the bid — which depended on roughly $40 billion of equity largely from Gulf sovereign wealth funds who agreed to forgo governance while the Ellison family and RedBird would control governance — as Netflix’s competing proposal is viewed as financially superior and legal deadlines approach.