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The Independent UK
The Independent UK
National
Hannah Schoenbaum

Jared Kushner pulls out of Paramount’s hostile bid for Warner Bros. Discovery

Paramount Jared Kushner Warner Donald Trump Netflix Rob Reiner

A private equity firm owned by President Donald Trump's son-in-law, Jared Kushner, is no longer backing Paramount’s hostile acquisition bid for Warner Bros. Discovery, the firm confirmed Tuesday.

Days after Warner agreed to be bought by Netflix in early December, Paramount launched a rival bid that seeks to bypass Warner's management and appeal directly to its shareholders with more money. Paramount is offering $30 per Warner share to Netflix’s $27.75.

Warner, one of the “big five” Hollywood studios, owns Warner Bros. Pictures, HBO, the DC Comics universe and the Harry Potter franchise. Experts say its acquisition could supercharge the winning company and reshape the streaming wars, either by catapulting Netflix further ahead of top competitors or by cementing a new power player in Paramount.

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