Ancora Capital Opposes $82.7B Netflix-WBD Takeover as $30 Per Share Bid Looms

Ancora Capital has increased its stake in Warner Bros Discovery, signaling intent to block the $82.7 billion, $27.75-per-share acquisition of its studios and streaming assets by Netflix. Ancora, with an investment of roughly $200 million, argues the current deal offers inferior value, an uncertain spinoff, and significant regulatory risk compared to a $30-per-share all-cash offer from Paramount, which also covers a $2.8 billion breakup fee and sweetens terms based on deal timing. Paramount extended its tender deadline to February 20, proposing higher payments if the deal remains unresolved. Warner Bros plans a shareholder vote by April on the Netflix proposal, with the outcome hinging on a planned spin-off of its cable assets. The company has about $68 billion in market value, and Ancora’s stake represents less than 1% of shares.