Ancora Holdings opposes Netflix’s $82.7 billion bid for WBD

The proposed $82.7 billion acquisition of Warner Bros. Discovery by Netflix is facing significant new resistance from within its investor base. Investment group Ancora Holdings announced on Wednesday that it has purchased $200 million in Warner Bros. Discovery shares and is actively opposing the Netflix offer. Instead of backing the Netflix transaction, Ancora is throwing its support behind a rival bid from Paramount. In a press release issued on Wednesday, Ancora aligned itself with Paramount’s arguments, claiming that the Netflix deal is inferior, involves more regulatory risk, and does not deliver as much immediate cash to shareholders.

Ancora’s opposition comes after Paramount sweetened its competing proposal to acquire the media company. Paramount improved its bid by offering Warner Bros. Discovery shareholders a new incentive of $0.25 per share for each quarter the transaction remains unclosed after December 31, 2026. Additionally, Paramount pledged to cover the $2.8 billion termination fee owed to Netflix if Warner Bros. Discovery shareholders choose Paramount’s offer. This counter-proposal directly targets the regulatory and timing concerns raised by opponents of the Netflix deal.

Ancora stepping in is notable because, while its $200 million stake may be relatively small, the firm is actively seeking to rally other shareholders to reject the Netflix proposal. Ancora has warned that if the Warner Bros. Discovery board refuses to reconsider Paramount’s proposal, it will vote against the Netflix deal. Furthermore, the firm has pledged to press for board accountability at the company’s 2026 annual meeting if the board does not change its course and reopen negotiations with Paramount.

Still, it remains uncertain whether Ancora will be able to sway a significant number of other shareholders to join its opposition. The activist investor faces a steep hurdle, given the overwhelming support the Netflix deal has previously enjoyed. Just last month, Warner Bros. Discovery reported that more than 93% of its shareholders had voted against Paramount’s offer, choosing instead to favor the Netflix deal. This high level of prior shareholder alignment suggests that convincing investors to reverse their positions will be a formidable challenge for Ancora.

Why it matters

Ancora’s opposition, while involving a relatively small stake, threatens to complicate the acquisition by rallying other shareholders and potentially forcing board accountability at the 2026 annual meeting.