ANCORA Opposes WBD-Netflix Takeover, Backs Paramount ($200M Investment)

ANCORA HOLDINGS has publicly opposed Warner Bros. Discovery’s ($WBD) $82.7 billion acquisition of Netflix, purchasing $200 million in WBD shares and supporting Paramount’s rival bid. Ancora argues the Netflix deal is less attractive, carries higher regulatory risk, and provides less near-term shareholder value. Paramount improved its offer by adding a $0.25 per share quarterly payment for each quarter the deal remains unclosed after December 31, 2026, and agreed to cover Netflix’s $2.8 billion termination fee if WBD shareholders choose Paramount’s offer. ANCORA warned it will vote against the Netflix deal and seek board accountability at WBD’s 2026 annual meeting if the board does not revisit Paramount’s proposal. Despite this, WBD shareholders voted 93% against Paramount’s offer in late January 2026, favoring Netflix. Ancora’s public stance seeks to rally additional WBD shareholders to consider Paramount’s terms, potentially flipping the outcome of the pending takeover.