Netflix’s 82.7 billion dollar bid to acquire Warner Bros. Discovery is facing significant new resistance. Investment group Ancora Holdings announced it has purchased 200 million dollars in Warner Bros. Discovery shares and opposes Netflix’s offer. Instead, Ancora is throwing its support behind a rival bid from Paramount.
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 does not deliver as much immediate cash to shareholders. Just one day earlier, Paramount improved its bid by offering Warner Bros. Discovery shareholders a new incentive of 0.25 dollars per share for each quarter the deal remains unclosed after December 31, 2026. Additionally, it pledged to cover the 2.8 billion dollar termination fee owed to Netflix if shareholders choose Paramount’s offer.
Ancora stepping in is notable because, while its stake may be relatively small, it is 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 and press for board accountability at the company’s 2026 annual meeting.
Still, it remains uncertain whether Ancora will be able to sway a significant number of other shareholders. Just last month, Warner Bros. Discovery reported that more than 93 percent of shareholders had voted against what the company called Paramount’s less attractive offer, instead favoring the Netflix deal. But if Ancora actually gets a few shareholders to change their minds, the whole Netflix takeover could get flipped on its head. Suddenly, this already tense situation would become even more unpredictable and dramatic.