On December 8, 2023, Paramount launched a hostile bid for Warner Bros Discovery, proposing an offer of $108 billion. This bid aims to surpass Netflix's competing acquisition efforts and create a substantial media entity. Financing for the bid includes contributions from Jared Kushner's investment firm, Affinity Partners, alongside investments from Saudi and Qatari sovereign wealth funds and L'imad Holding Co. of Abu Dhabi.

Kushner, who is the son-in-law of former U.S. President Donald Trump, has drawn scrutiny due to his potential influence on this significant media transaction. Trump has publicly stated he has not discussed the Warner Bros deal with Kushner and claims no personal ties to either Paramount or Netflix. However, the involvement of Kushner has raised ethical concerns regarding conflicts of interest, particularly given his previous role as a White House adviser during Trump's presidency.

Both Paramount and Netflix are expected to face thorough antitrust evaluations to determine the implications of their mergers on competition, consumer choice, and market fairness. The U.S. Department of Justice will review the final agreement to ensure it does not negatively impact market dynamics or consumer pricing.

Experts have expressed concerns about the ethical ramifications of Kushner's involvement, highlighting the need for clear boundaries between governmental responsibilities and personal business interests. Jordan Libowitz from Citizens for Responsibility and Ethics in Washington emphasized the importance of maintaining these boundaries to avoid conflicts of interest.

The potential for Kushner to benefit from his father-in-law's presidency has been a recurring theme, particularly in light of Trump's previous proposals regarding the development of the Gaza Strip. Scott Amey from the Project On Government Oversight noted the increasing entanglement of governmental and familial business interests, suggesting that Trump should avoid involvement in the Warner Bros deal to mitigate allegations of impropriety.

The merger has also drawn criticism from antitrust advocates who argue that it could exacerbate media consolidation, threatening creative diversity and freedom of expression. Matt Stoller, research director at the American Economic Liberties Project, warned that Paramount's acquisition could enable it to manipulate news coverage to align with presidential interests, underscoring the necessity for regulatory measures to prevent vertical integration in the media sector. As developments unfold, the implications for corporate power in the entertainment industry and the broader media landscape remain significant areas of concern.