Affinity Partners, the private equity firm led by Jared Kushner, is part of Paramount's hostile takeover bid for Warner Bros Discovery, according to a regulatory filing.

Why it matters: Paramount is telling WBD shareholders that it has a smoother path to regulatory approval than does Netflix, and Kushner's involvement only strengthens that case.

• Paramount is led by David Ellison, whose billionaire father Larry is a major supporter of President Trump.

Zoom in: Affinity Partners was not mentioned in Paramount's press release on Monday morning about its $108 billion bid, nor were participating sovereign wealth funds from Saudi Arabia, Abu Dhabi and Qatar.

• Per the tender offer, each of those parties "have agreed to forgo any governance rights – including board representation – associated with their non-voting equity investments."
• Each of them also was part of Paramount's original WBD bid on Dec. 1, although fellow partner Tencent subsequently left the group.

The bottom line: WBD could be the second major takeover Kushner has been involved in this year, having previously played a key role in the take-private agreement for gaming giant Electronic Arts.

This is breaking news.