A private equity firm backed by President Donald Trump's son-in-law, Jared Kushner, dropped its controversial bid to buy Warner Bros. Discovery on Tuesday, according to a new report.
Axios reported on Tuesday that Kushner's Affinity Partners withdrew its bid for the company after learning that it was about to reject Paramount's offer to buy the company for more than $108 billion, or roughly $30 per share in an all-cash offer.
Paramount's first bid for Warner Bros was at $19 per share, according to the report. It happened at a time when Netflix was reportedly bidding to acquire the company. Experts worried that a merger between Netflix and Warner Bros. Discovery would create a media monopoly.
Trump has said he will "be involved" in reviewing the potential deal. He has also claimed that it is "imperative that CNN be sold."