A private equity firm owned by President Donald Trump's son-in-law, Jared Kushner, is no longer backing Paramount’s hostile acquisition bid for Warner Bros. Discovery, the firm confirmed Tuesday.

Netflix's (NFLX.O) decision to acquire assets from Warner Bros Discovery (WBD.O) has not changed, its co-CEOs Greg Peters and Ted Sarandos said in a letter to employees on Monday.

Jared Kushner pulled out of a planned Trump-branded development in Belgrade after the project sparked protests and the indictment of a senior Serbian politician.

Jared Kushner's private equity firm, Affinity Partners, has withdrawn from a $500 million luxury hotel project in Belgrade, Serbia.

"We will now be left with a destroyed building, and it is only a matter of time before bricks and other parts start falling off it, because no one will ever touch it again," he said.