Activist Ancora urges Warner board to reject Netflix bid

Activist investor Ancora Holdings Group is urging the board of Warner Bros Discovery to reject the takeover offer by Netflix in favour of a competing bid by Paramount Skydance Corp.

Ancora has amassed a stake in Warner Bros worth about $200 million, the firm said in a statement on Wednesday.

Paramount has been pursuing Warner Bros for months and has taken its hostile all-cash $30-a-share offer for the entire business, including the cable network assets, directly to shareholders. Paramount sweetened the terms of its offer for Warner on Tuesday, which “could reasonably be expected to result in” a superior bid, Ancora said in a presentation Wednesday.

The entrance of an activist investor adds another twist to the high-stakes drama for the legendary Hollywood studio that has the power to reshape the industry.

Ancora said the Netflix proposal includes an “inferior and uncertain cash consideration, the likely debt-laden Discovery Global spinoff and a ‘Hail Mary’ path to regulatory approval.”

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