Netflix’s $82.7 billion bid to acquire Warner Bros. Discovery (WBD) is facing significant new resistance. Investment group Ancora Holdings announced it has purchased $200 million in WBD shares and opposes Netflix’s offer. Instead, Ancora is throwing its support behind a rival bid from Paramount.
The WSJ had the exclusive.
In a press release on Wednesday, Ancora aligned itself with Paramount’s arguments: It claims the Netflix deal is inferior, involves more regulatory risk, and doesn’t deliver as much immediate cash to shareholders.
Just one day earlier, Paramount improved its bid by offering WBD shareholders a new incentive: $0.25 per share for each quarter the deal remains unclosed after December 31, 2026. Additionally, it pledged to cover the $2.8 billion termination fee owed to Netflix if WBD shareholders choose Paramount’s offer.
Ancora stepping in is notable because, while its stake may be relatively small, it’s seeking to rally other shareholders to reject the Netflix proposal. Ancora has warned that if the WBD board refuses to reconsider Paramount’s proposal, it will vote against the Netflix deal and press for board accountability at the company’s 2026 annual meeting.
Still, it remains uncertain whether Ancora will be able to sway a significant number of other shareholders. Just last month, WBD reported that more than 93% of shareholders had voted against what the company called Paramount’s less attractive offer, instead favoring the Netflix deal.
But if Ancora actually gets a few shareholders to change their minds, the whole Netflix takeover could get flipped on its head. Suddenly, this already tense situation would get even more unpredictable and dramatic.
