Saudi-backed investment is now at the center of Hollywood’s biggest takeover battle. Jared Kushner’s private equity firm, Affinity Partners, joins Paramount’s $108 billion hostile bid for Warner Bros. Discovery. Gulf sovereign funds from Saudi Arabia, Abu Dhabi, and Qatar also back the offer.
Paramount lists “Public Investment Fund (Saudi Arabia), L’imad Holding Company PJSC (Abu Dhabi), Qatar Investment Authority, and Affinity Partners” as partners. These investors hold nonvoting equity, foregoing board seats and governance rights. Therefore, the deal avoids scrutiny by CFIUS, the U.S. foreign investment review committee.
Warner Bros.’ board preferred Netflix’s offer due to the absence of foreign financing. However, both Paramount and Netflix plan to raise their bids. Paramount CEO David Ellison said $30 per share was not the final offer.
Kushner’s involvement highlights his strong ties to Saudi-backed investment and Gulf capital. Since leaving government, his firm has raised billions from Gulf investors. In September, Affinity Partners joined Silver Lake and Saudi Arabia’s Public Investment Fund in a $55 billion private buyout of Electronic Arts. Kushner’s firm took a roughly 5% stake while PIF financed the majority of the equity.
Affinity Partners’ repeated involvement with Gulf funds shows Saudi-backed investment is reshaping large-scale deals in technology and media. Analysts note that Kushner’s network now plays a key role in connecting Gulf capital with major Western transactions.
Beyond finance, Kushner remains active in Middle East diplomacy. He played a key role in the Abraham Accords and more recent Israel-Gaza peace efforts. Gulf states, especially Saudi Arabia, are increasingly opening to Western business, highlighted by Barclays relocating its regional headquarters to Riyadh. Saudi Investment Minister Khalid Al-Falih described 2025 as pivotal for global business transformations under Vision 2030.
The Paramount-Warner fight also gained political attention. Former President Donald Trump publicly commented on Netflix’s competing deal, citing potential market share concerns. Trump confirmed discussions with Netflix co-CEO Ted Sarandos but noted no guarantees about the transaction. Netflix expects regulatory approval for its $72 billion equity deal, totaling roughly $83 billion including debt.
Saudi-backed investment continues to shape global media and technology deals. With Kushner at the center, Gulf capital influences the biggest Hollywood acquisitions, signaling a new era of foreign participation in U.S. entertainment.
