Affinity Partners withdraws from Warner Bros. takeover battle, clearing path for Netflix deal
Dec 16, 2025
Key Points
- Affinity Partners withdraws from financing Paramount's bid for Warner Bros., citing changed investment dynamics and clearing the path for Netflix's competing deal.
- Warner Bros. board is positioned to reject Paramount's offer as soon as the next day, with existing Netflix deal now having board support.
- Larry Ellison's $250 billion net worth leaves Paramount with capital to counter-offer in the next 24 hours, though the loss of Affinity signals confidence erosion.
Summary
Jared Kushner's Affinity Partners has withdrawn from the Warner Bros. takeover battle after helping finance Paramount's bid, citing changed investment dynamics. The withdrawal clears the path for Netflix's deal with Warner Bros., which now has board support. Zaslav is positioned to push for rejection of Paramount's offer as soon as the following day.
Paramount still has options. Larry Ellison, who is backing the Paramount bid alongside Affinity, has substantial capital available. His net worth is around $250 billion, and the deal price is in the $80–100 billion range. Ellison hasn't yet submitted a best and final offer, so a counter-move in the next 24 hours remains possible.
The loss of Affinity's financing backing removes a major institutional investor from the consortium and signals confidence erosion at a critical moment in the bidding war, though it does not necessarily kill Paramount's chances.