Kushner’s Affinity Withdraws From Warner Bros. Takeover (2)

Jared Kushner’s Affinity Partners is exiting from the takeover battle for Warner Bros. Discovery Inc.

The move comes as Warner Bros. is planning to reject the Paramount Skydance Corp.proposal that Kushner’s private equity firm had backed.

Affinity Partners emerged this month as a participant in Paramount’s hostile bid for Warner Bros., which valued the storied Hollywood company at $108.4 billion including debt. Paramount is seeking to scupper Netflix Inc.’s $82.7 billion deal for Warner Bros.

After deliberating and reviewing Paramount’s bid, Warner Bros.’ board will urge shareholders as soon as Wednesday to reject the tender offer, said ...