Activist investor Ancora publicly opposes the WBD-Netflix deal
Source: TechCrunch
In Brief
Posted: 11:20 AM PST · February 11, 2026
Image Credits: Victor J. Blue/Bloomberg / Getty Images
Netflix’s $82.7 billion bid to acquire Warner Bros. Discovery (WBD) is facing significant new resistance. Investment group Ancora Holdings announced it has purchased $200 million in WBD shares and opposes Netflix’s offer, instead backing a rival bid from Paramount.
The Wall Street Journal had the exclusive.
Ancora’s Opposition
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 doesn’t deliver as much immediate cash to shareholders.
Paramount’s Counter‑Offer
A day earlier, Paramount improved its bid by offering WBD shareholders a new incentive—$0.25 per share for each quarter the deal remains unclosed after December 31, 2026. It also pledged to cover the $2.8 billion termination fee owed to Netflix if shareholders choose Paramount’s offer.
Ancora’s involvement is notable because, while its stake is relatively small, it is seeking to rally other shareholders to reject the Netflix proposal. Ancora warned that if the WBD 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.
Shareholder Sentiment
It remains uncertain whether Ancora can sway a significant number of other shareholders. Last month, WBD reported that more than 93 % of shareholders had voted against what the company called Paramount’s less attractive offer, instead favoring the Netflix deal.
If Ancora succeeds in changing a few votes, the Netflix takeover could be dramatically altered, adding further uncertainty to an already tense situation.