Affinity Partners, the fund tied to President Trump's son-in-law Jared Kushner, has backed out of Paramount's bid for Warner Bros. Discovery, Axios has confirmed.
Why it matters: The news comes ahead of an expected announcement from the Warner Bros. board that it plans to reject Paramount's latest $30-a-share all-cash offer for the company.
State of play: One of the main concerns the Warner Bros. board had with Paramount's original offer was whether it could close a deal if one of its seven funding partners (aside from RedBird Capital) backed out at the last minute.
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