On Monday, Paramount Skydance, led by David Ellison, initiated a hostile takeover bid to acquire Warner Bros. Discovery after losing an earlier bidding contest to Netflix.
The offer is financed heavily through Jared Kushnerâs investment firm, Affinity Partners, and through sovereign wealth funds associated with Saudi Arabia, the United Arab Emirates, and Qatar. The bid would place major U.S. media assetsâincluding CNN, HBO, Warner Bros. Pictures, and Warnerâs content libraryâunder the influence of a financing coalition that includes Kushner and these foreign state investors.
After leaving the first Trump administration, Kushner raised more than $3 billion for Affinity Partners, including $2 billion from Saudi Arabiaâs Public Investment Fund. Saudi advisers reportedly warned Crown Prince Mohammed bin Salman that Kushnerâs record did not justify the investment, but the crown prince overruled them. The UAE and Qatar added another $1.5 billion. As of late 2024, Affinity had not produced meaningful returns for these foreign governments, while Kushner had paid himself at least $157 million in fees.