Activist investor Ancora publicly opposes the WBD-Netflix deal

Netflix’s $82.7 billion bid to acquire Warner Bros. Discovery (WBD) Big new resistance. Investment group Ancora Holdings announced it has bought $200 million of WBD stock and opposes Netflix’s bid. Instead, Ancora is throwing its support behind a competing bid from Paramount.

The Wall Street Journal had the exclusive.

In a press release on Wednesday, Ancora joined Paramount’s arguments: It claims the Netflix deal is inferior, involves more regulatory risk, and does not provide the same amount of immediate cash to shareholders.

Just one day ago, Paramount sweetened its offer 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 opted for Paramount’s offer.

Ancora’s intervention is notable because, while its stake may be relatively small, it is seeking to rally other shareholders to reject Netflix’s proposal. Ancora warned that if WBD’s board refused to reconsider Paramount’s proposal, it would vote against the Netflix deal and push for the board to be held accountable at the company’s 2026 annual meeting.

However, it remains uncertain whether Ankura will be able to influence a large number of other shareholders. Just last month, WBD reported that more than 93% of shareholders voted against what the company called Paramount’s less attractive offer, instead favoring the Netflix deal.

But if Ancora can actually convince a few shareholders to change their minds, the entire Netflix acquisition could be turned on its head. Suddenly, this already tense situation became even more dramatic and unpredictable.