In a dramatic resurgence on the global M&A stage, Jared Kushner has reemerged as a pivotal figure in one of the most consequential takeover contests in Hollywood history. Paramount Global’s aggressive, all-cash $108 billion hostile bid for Warner Bros. Discovery (WBD), announced in early December 2025, reveals Kushner’s private equity firm, Affinity Partners, as a key financing partner alongside sovereign wealth funds from Saudi Arabia, Abu Dhabi, and Qatar.
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Deal Dynamics: Paramount’s Bold Move Against Netflix
The Paramount bid challenges Netflix’s $72 billion equity offer (approximately $83 billion including debt), setting the stage for a fierce bidding war over Warner Bros. Discovery’s prized studio and streaming assets. Paramount’s tender offer filing discloses that Affinity Partners and Gulf sovereign wealth funds will hold non-voting equity stakes, deliberately structured to avoid governance rights and board seats. This strategic move sidesteps the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS), a critical regulatory consideration given the national security scrutiny often applied to foreign-backed deals.
Netflix’s offer, free of foreign financing, has been perceived as less vulnerable to CFIUS intervention, a factor that reportedly influenced WBD’s board preference. Yet, Paramount’s backers, including Kushner’s Affinity Partners, are prepared to escalate their bid, with David Ellison, Paramount’s owner, signaling that $30 per share is not their final offer.
Table: Paramount vs. Netflix Offer Comparison
| Aspect | Paramount Offer | Netflix Offer |
|---|---|---|
| Equity Value | $108 billion (all-cash) | $72 billion (equity) |
| Total Deal Value (including debt) | Not publicly specified | ~$83 billion |
| Financing Partners | Affinity Partners, Saudi PIF, Abu Dhabi, Qatar (non-voting) | Primarily Netflix equity, no foreign financing |
| Regulatory Risk | Lower CFIUS risk due to non-voting structure | Potential antitrust scrutiny but no CFIUS risk |
Jared Kushner’s Strategic Gulf Ties and Private Equity Expansion
Kushner’s involvement is emblematic of his firm Affinity Partners’ growing influence, fueled by billions in capital from Gulf sovereign wealth funds. Since departing government service, Kushner has leveraged his Middle Eastern diplomatic relationships to secure significant funding and participate in landmark private equity transactions. Notably, Affinity Partners played a crucial role in the $55 billion take-private of Electronic Arts alongside Silver Lake and Saudi Arabia’s Public Investment Fund (PIF), marking the largest private equity buyout in history.
This transaction underscored Kushner’s ability to bridge U.S. private equity with Gulf capital, a dynamic now replicated in the Paramount bid. His continued engagement in Middle East diplomacy, including efforts related to the Abraham Accords and recent Israel-Gaza peace initiatives, further cements his unique positioning at the intersection of geopolitics and global capital flows.
Political Undercurrents and Regulatory Implications
The Paramount-Netflix battle is not merely a financial contest but a politically charged saga. Former President Donald Trump has publicly weighed in, expressing skepticism about Netflix’s deal due to market concentration concerns and signaling his intent to engage in the regulatory review process. Trump’s mixed stance toward Paramount—criticizing its management over editorial content while maintaining dialogue with David Ellison—adds complexity to the unfolding drama.
Paramount’s ownership by David Ellison, son of Larry Ellison (a prominent Republican donor and TikTok U.S. asset overseer), contrasts with Netflix’s leadership, including co-CEO Ted Sarandos and co-founder Reed Hastings, who have Democratic ties. This partisan backdrop amplifies the stakes, especially as antitrust and national security reviews loom.
Paramount argues its bid faces fewer regulatory hurdles, emphasizing the non-voting nature of its foreign financing to avoid CFIUS scrutiny. Conversely, Netflix’s deal, while free of foreign capital, may encounter prolonged antitrust reviews given the combined entity’s market share in streaming and content production.
Visual: Timeline of Key Events in the Paramount-WBD-Netflix Takeover Battle
- September 2025: Affinity Partners joins Silver Lake and PIF in Electronic Arts buyout.
- Early December 2025: Paramount announces $108 billion hostile bid for Warner Bros. Discovery.
- December 7, 2025: Netflix confirms $72 billion equity offer for WBD.
- December 8, 2025: Trump publicly comments on the deals, signaling regulatory involvement.
Implications for Cross-Border M&A and Private Equity in Media
This high-profile contest highlights evolving trends in cross-border M&A financing in media and entertainment, where sovereign wealth funds from the Gulf are increasingly pivotal. The Paramount bid’s structure—non-voting foreign equity to circumvent CFIUS—may set a precedent for future deals seeking to balance capital access with regulatory compliance.
For private equity investors and deal advisors, Kushner’s reentry into mega-deals backed by Gulf capital underscores the importance of geopolitical relationships in shaping deal financing strategies. Moreover, the Paramount-Netflix standoff exemplifies the growing complexity of private equity exit strategies in media conglomerates amid heightened antitrust scrutiny and political intervention.
Conclusion: A High-Stakes Showdown with Global Capital and Politics Intertwined
The Paramount-Netflix battle for Warner Bros. Discovery is a defining moment for Hollywood’s future and the broader landscape of global media M&A. Jared Kushner’s strategic reemergence, backed by billions from Gulf sovereign wealth funds, adds a new geopolitical dimension to the contest. As regulatory reviews intensify and political voices weigh in, the outcome will reverberate across private equity, cross-border investment, and the evolving dynamics of content ownership in the streaming era.
Executives and investors should closely monitor developments in this deal, as it offers critical insights into navigating regulatory risks, structuring foreign financing, and leveraging geopolitical capital in large-scale media transactions.
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