Paramount’s $108 billion hostile bid for Warner Bros. Discovery (WBD) has escalated into one of the most politically charged and globally entangled takeover battles in Hollywood, and now, US President Donald Trump has added direct criticism of the company to the mix. His comments, combined with newly revealed financing details, have intensified an already complex showdown between Paramount and Netflix.
Kushner and Gulf Funds Identified in Paramount’s Financing Structure
Jared Kushner, the businessman, investor, and former senior adviser to Donald Trump, And also his son-in-law, has reportedly emerged as a key backer of Paramount’s $108 billion hostile bid to acquire Warner Bros. Discovery.
Fortune’s review of Paramount’s tender offer confirms that Jared Kushner’s private equity firm, Affinity Partners, is one of four outside financing partners involved in the offer, listed alongside the Public Investment Fund (PIF) of Saudi Arabia, L’imad Holding Company PJSC of Abu Dhabi, and the Qatar Investment Authority (QIA).
Paramount states in the filing that these investors would hold only nonvoting equity and forgo governance rights, including board seats. According to the document, this structure means “the Transaction will not be within CFIUS’s jurisdiction,” a point Paramount contrasts with Netflix’s proposal, which WBD’s board reportedly preferred because it carried no foreign-financing components.
Paramount CEO David Ellison signaled that their initial $30 per share offer is not the company’s final move, telling CNBC that he informed WBD CEO David Zaslav the current bid “wasn’t the company’s best and final offer.” With Netflix putting forward a $72 billion equity deal, or about $83 billion including debt, both bidders appear likely to increase their offers.
Kushner and Gulf Funds Identified in Paramount’s Financing Structure
Kushner’s role in the financing reflects a broader pattern identified by Fortune. Since leaving government, he has raised several billion dollars from Gulf investors and has participated in major private transactions involving the same sources of capital. In September, his firm joined Silver Lake and Saudi Arabia’s Public Investment Fund in the $55 billion agreement to take Electronic Arts private. Wall Street Journal reporting notes that Kushner helped connect Silver Lake with PIF leadership as buyout discussions accelerated. Affinity Partners ultimately took a roughly 5 percent stake in the EA deal.
In the political arena, Kushner has remained active as well. Fortune reports that he “played a meaningful role in the administration’s recent Israel-Gaza peace effort,” a continuation of the relationships established during his work on the Abraham Accords between Israel and several Gulf states.
Trump’s Criticism of Both Bids Intensifies the Political Climate
While the financing structure and political ties raised questions, the situation became even more heated over the weekend when Trump publicly weighed in on the Netflix–WBD agreement. Speaking to reporters, he said the Netflix deal “could be a problem” due to concerns over market share and added that he expects to be involved in the review process. He confirmed meeting Netflix co-CEO Ted Sarandos shortly before the deal was announced, saying Sarandos had made “no guarantees” about the transaction. Trump described Sarandos as a “fantastic man” who played a major role in building Netflix into a great company.
Trump’s stance toward Paramount itself, however, was far from supportive. Roughly twenty minutes after Paramount announced its hostile bid, Trump criticized the company on Truth Social over a 60 Minutes segment featuring Rep. Marjorie Taylor Greene, writing that the network was “NO BETTER THAN THE OLD OWNERSHIP” and declaring that “since they [Paramount] bought it, 60 Minutes has actually gotten WORSE!” Paramount and CBS maintain that their news divisions operate with full editorial independence.
Political Lineage and Industry Power Dynamics
Political affiliations surrounding the deal add another layer of complexity. Paramount was recently acquired by David Ellison, son of Republican donor Larry Ellison. Netflix’s Ted Sarandos, meanwhile, is married to Nicole Avant, who served as U.S. ambassador to the Bahamas during the Obama administration. Bloomberg earlier reported that Sarandos visited Mar-a-Lago (Donald Trump’s private residence in Florida) in late November to meet the president in person.
Regulatory Battles Loom Ahead
Paramount argues that its bid carries fewer regulatory risks compared to Netflix’s, claiming that the Netflix agreement faces “significant antitrust hurdles, including a long potential review timeline.” The company also highlights that its outside financing is structured without triggering CFIUS review, eliminating a major national-security barrier.
But the political commentary continues to expand. Nidhi Hegde, executive director of the American Economic Liberties Project, responded to Larry Ellison’s remarks about his conversations with Trump by writing on X that “the correct option is neither Paramount nor Netflix buy Warner.” She added that “the president inserting himself in the deal is obviously problematic, regardless of the parties involved.”
A Takeover Battle That Will Define Hollywood
With political pressure mounting, foreign capital involved, Kushner’s reemergence in another major transaction, and both Paramount and Netflix preparing to raise their bids, the fight for Warner Bros. Discovery is now shaping up to be one of the most consequential media battles in decades.
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