Jared Kushner’s firm Affinity Partners has exited paramount skydancehostile takeover offer for Warner Bros. Discovery.

“With two strong competitors vying for the future of this unique U.S. asset, Affinity has decided not to pursue this opportunity,” an Affinity spokesperson said in a statement.

“The investment dynamics have changed significantly since our initial engagement in October,” the spokesperson said. “We continue to believe there is a strong strategic rationale for Paramount’s offer.”

Kushner is the president’s son-in-law Donald Trump.

Affinity’s role in Paramount’s hostile takeover came to light on December 8, when Paramount announced it was acquiring all shares of WBC for $30 per share in all cash.

The proposal comes days after the streaming giant Netflix Said it has been achieved a deal Acquired WBD’s movie studio and streaming service HBO Max. Warner Bros. plans to spin off Discovery Global, which includes a number of pay-TV networks including CNN and TNT.

Trump said last week that Netflix’s proposed deal, which would require regulatory approval, “could be an issue” because of how much market share Netflix would ultimately gain.

Trump said he would be involved in the process of approving the deal.

The monetary value of Affinity’s role in Paramount’s acquisition was not disclosed in Paramount’s SEC filing last week.

However, the SEC filing said that in addition to commitments from Affinity and RedBird Capital Partners, Tencent has pledged $1 billion and “three sovereign wealth funds from Gulf states including Saudi Arabia, Qatar and Abu Dhabi have committed a total of $24 billion.”

CNBC asked Affinity about the status of the Gulf state’s commitments now that it has withdrawn from the bid.