Investor Ancora publicly opposes the WBD-Netflix deal

Netflix is $82.7 billion acquiring Warner Bros. Discovery (WBD) is facing new resistance. Investment group Ancora Holdings has announced it will buy $200 million in WBD shares and counter Netflix’s offer. Instead, Ancora is providing support behind Paramount.

Price WSJ he had alone.

In a Press release On Wednesday, Ancora aligned itself with Paramount’s arguments: It says the Netflix deal is cheap, involves too much risk, and doesn’t provide enough cash for shareholders.

One day earlier, Paramount he raised his price by giving WBD participants a new incentive: $ 0.25 per share for each share the agreement is not called after December 31, 2026. In addition, it promised to pay $ 2.8 billion to cancel the debt to Netflix if the WBD participants decide to offer Paramount.

Ancora’s entry is notable because, despite its modest price tag, it aims to encourage other shareholders to reject Netflix’s offer. Ancora warned that if WBD refuses to repeat Paramount’s offer, it will vote against the Netflix deal and demand accountability at the company’s 2026 annual meeting.

However, it is unclear whether Ancora will be able to attract more shareholders. Last month, WBD reported this more than 93% shareholders voted against what the company called Paramount’s lack of vision, instead favoring The Netflix deal.

But if Ancora gets a few shareholders to change their minds, the entire Netflix takeover could be rocked on its head. Suddenly, this difficult situation can become unpredictable and surprising.