Ancora opposes WBD-Netflix merger, backs Paramount bid

Ancora Holdings Group released a presentation opposing the proposed merger between Warner Bros. Discovery Inc. (NASDAQ: WBD) and Netflix Inc. (NASDAQ: NFLX), arguing that a competing offer from Paramount Skydance Corporation provides superior value to shareholders.

The investment firm, which holds an approximately $200 million stake in WBD, contends that Netflix's offer of $27.75 per share in cash and spin-off stock is inferior to Paramount's $30 per share all-cash proposal. Ancora states that WBD shareholders could receive as little as $21.23 per share under the Netflix deal, based on WBD's preliminary proxy statement dated February 9, 2026.

The firm argues that the Netflix transaction faces regulatory challenges, citing U.S. Department of Justice examination of potential adverse impacts. Ancora notes that initial reactions from U.S. and European policymakers express concern over antitrust issues related to the Netflix-WBD combination.

Ancora supports Paramount's proposal, which it says has backing from the Ellison Trust and offers a more viable path to regulatory approval. The firm notes that Paramount enhanced its offer with a $0.25 per share "ticking fee" and indicated willingness to improve the proposal further.

The investment firm urges WBD's board to determine that Paramount's revised offer could constitute a "Superior Proposal" and to re-engage in negotiations. Ancora states it will vote against the Netflix deal and seek to hold the WBD board accountable at the 2026 annual meeting if the board refuses to pursue discussions with Paramount.

Founded in 2003, Ancora Holdings Group offers investment advisory and wealth management services and manages nearly $11 billion in assets, according to the press release.

You May Also Be Interested In