economy
February 11, 2026
Activist investor Ancora publicly opposes the WBD-Netflix deal
An investment group is trying to sway Netflix shareholders to reject the WBD deal in favor of Paramount.
TL;DR
- Ancora Holdings, an investment group, opposes Netflix's $82.7 billion bid to acquire Warner Bros. Discovery (WBD).
- Ancora has purchased $200 million in WBD shares and supports a rival bid from Paramount.
- Ancora argues the Netflix deal is inferior, has more regulatory risk, and offers less immediate cash to shareholders.
- Paramount improved its bid by offering shareholders $0.25 per share for each quarter the deal remains unclosed after December 31, 2026, and pledging to cover WBD's termination fee to Netflix.
- Ancora is attempting to persuade other shareholders to reject the Netflix proposal.
- Ancora warned it will vote against the Netflix deal and press for board accountability if WBD does not reconsider Paramount's proposal.
- Previously, over 93% of shareholders voted against Paramount's offer, favoring the Netflix deal.
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