"Netflix's $82.7 billion bid to acquire Warner Bros. Discovery (WBD) is facing significant new resistance. Investment group Ancora Holdings announced it has purchased $200 million in WBD shares and opposes Netflix's offer. Instead, Ancora is throwing its support behind a rival bid from Paramount. The WSJ had the exclusive. In a press release on Wednesday, Ancora aligned itself with Paramount's arguments: it claims the Netflix deal is inferior, involves more regulatory risk, and doesn't deliver as much immediate cash to shareholders."
"Just one day earlier, Paramount improved its bid 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 choose Paramount's offer. Ancora stepping in is notable because, while its stake may be relatively small, it's seeking to rally other shareholders to reject the Netflix proposal."
Netflix offered $82.7 billion to acquire Warner Bros. Discovery (WBD). Ancora Holdings purchased $200 million in WBD shares and publicly opposed the Netflix offer while endorsing Paramount's rival bid. Ancora said the Netflix proposal is inferior, carries greater regulatory risk, and provides less immediate cash to shareholders. Paramount sweetened its pitch with $0.25 per share for each quarter the deal remains unclosed after December 31, 2026, and promised to cover the $2.8 billion termination fee owed to Netflix if shareholders choose Paramount. Ancora plans to rally investors and may vote against the Netflix deal or press for board accountability in 2026.
Read at TechCrunch
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