Jared Kushner’s private equity firm, Affinity Partners, is taking part in the Paramount-led consortium bidding for Warner Bros Discovery, according to documents filed with U.S. regulators.

Sources say Affinity’s involvement increases the likelihood that Paramount’s proposal will advance and receive regulatory approval — effectively sidelining Netflix, whose bid was indirectly questioned by Donald Trump himself.

Under CEO David Ellison, Paramount has already communicated to Warner Bros Discovery shareholders that its offer presents a “smoother path” to regulatory clearance. According to the company, the participation of Jared Kushner’s Affinity Partners strengthens that argument. Larry Ellison — the father of Paramount’s CEO and a billionaire supporter of Donald Trump — is also a key contributor to the investment structure behind the bid.

Although Affinity Partners was not mentioned in Paramount’s Monday announcement regarding its $108 billion offer, its participation is recorded in the formal filing. The same investment group includes sovereign wealth funds from Saudi Arabia, Abu Dhabi, and Qatar, none of which were referenced in the company’s official statement.

Netflix’s competing offer valued Warner Bros and HBO Max at $83 billion, including debt ($72 billion excluding debt).

Under the terms of Paramount’s public proposal, all participating parties have agreed to waive any governance rights associated with their non-jurisdictional investments, including board representation. All investors were also part of Paramount’s initial bid for Warner Bros Discovery on December 1 — with the sole exception of Tencent, which later withdrew from the consortium.

If completed, the acquisition would mark Kushner’s second major deal of the year, following his significant role in the transaction that took video game company Electronic Arts private.