Activist investor Ancora challenges Netflix’s $82.7B WBD deal, backing Paramount’s $108.4B bid amid regulatory and shareholder scrutiny.

Activist investor Ancora Holdings has acquired a $200 million stake in Warner Bros Discovery and is opposing Netflix’s $82.7 billion deal to acquire its studios, backing Paramount Skydance’s higher $108.4 billion bid. Ancora argues the WBD board has not properly evaluated Paramount’s offer, which includes a $2.8 billion breakup fee for Netflix, a $650 million quarterly ticking fee, and strong financing backed by Oracle co-founder Larry Ellison. Despite Paramount’s improved terms and foreign regulatory approvals, WBD’s board maintains its support for Netflix, citing a clearer path to regulatory approval and stronger financing. Shareholders are expected to vote on the Netflix deal by April, with the outcome uncertain amid growing investor scrutiny over valuation, antitrust risks, and the future of WBD’s cable assets.