Activist Ancora Preps Proxy Fight Against Netflix Takeover of Warner Bros Discovery — WBD (BRC)

Ancora Holdings, an activist hedge fund, has raised roughly $200 million in net new shares in Warner Bros Discovery and is preparing to oppose a proposed $82.7 billion acquisition of its film and television studios by Netflix, according to The Wall Street Journal. Ancora argues the board inadequately engaged with a higher offer from Paramount Skydance and plans a proxy fight to block Netflix’s $10 per share bid. The deal would include HBO Max and other core assets but separate legacy cable news operations. A shareholder vote on the Netflix proposal is expected in early spring. Key figures: Netflix’s offer of $82.7B vs. Paramount’s $108.4B; Ancora’s stake of ~$200M; and a $0.25 per share quarterly “ticking fee” for Paramount’s bid. Ancora is known to support Paramount and plans to continue buying shares in WBD.