Kushner’s Affinity Withdraws From Warner Bros. Takeover (3)

Jared Kushner’s Affinity Partners is exiting the takeover battle for Warner Bros. Discovery Inc. in a political and financial blow to a foundering hostile takeover bid for the fabled studio.

The private equity firm withdrew its backing of Paramount Skydance Corp.’s proposal to buy Warner Bros., which the studio plans to reject.

Paramount is seeking to scupper Netflix Inc.’s $82.7 billion deal for Warner Bros. in a bidding war that stands to reshape the entertainment industry, whichever company wins.

The involvement of Kushner, Donald Trump’s son-in-law, in a deal that the president has said he ...