Activist investor Ancora publicly opposes the WBD-Netflix deal

Netflix’s $82.7 billion proposal to acquire Warner Bros. Discovery is facing fresh, highly visible opposition. Investment firm Ancora Holdings disclosed that it has accumulated approximately $200 million worth of WBD shares and is rejecting Netflix’s offer. Instead, Ancora has publicly endorsed a competing bid from Paramount.

The Wall Street Journal first reported the development.

In a statement released Wednesday, Ancora echoed Paramount’s position on the matter. The firm argued that Netflix’s proposal is less attractive, entails greater regulatory uncertainty, and offers shareholders less immediate cash value than Paramount’s competing offer.

Paramount, for its part, sweetened its proposal just a day earlier. The company said it would provide WBD shareholders with an additional $0.25 per share for every quarter the transaction remains incomplete after December 31, 2026. In addition, Paramount committed to covering the $2.8 billion termination fee owed to Netflix should WBD shareholders ultimately opt for Paramount’s bid instead.

Ancora’s involvement stands out not necessarily because of the size of its stake, but because of its broader strategy. The firm is actively attempting to rally other shareholders to oppose the Netflix deal. It has warned that if WBD’s board declines to revisit Paramount’s proposal, Ancora intends to vote against the Netflix transaction and push for board accountability at the company’s 2026 annual shareholder meeting.

Whether Ancora can meaningfully influence the broader shareholder base remains uncertain. Just last month, WBD disclosed that more than 93% of shareholders voted against what the company characterised as Paramount’s less compelling offer, signalling strong support at the time for Netflix’s bid.

However, if Ancora manages to persuade even a modest number of shareholders to reconsider, the trajectory of the proposed Netflix acquisition could shift dramatically. What is already a high-stakes corporate battle could become even more volatile, with the outcome far from assured.