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?Netflix\u2019s $82.7 billion bid <\/a>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\u2019s offer. Instead, Ancora is throwing its support behind a rival bid from Paramount.<\/p>\n The WSJ <\/a>had the exclusive.\u00a0<\/p>\n ?In a press release<\/a> on Wednesday, Ancora aligned itself with Paramount\u2019s arguments: It claims the Netflix deal is inferior, involves more regulatory risk, and doesn\u2019t deliver as much immediate cash to shareholders.\u00a0<\/p>\n ?Just one day earlier, Paramount improved its bid<\/a> by offering WBD shareholders a new incentive: $0.25 per share for each quarter the deal remains unclosed after December 31, 2026. Additionally, it pledged to cover the $2.8 billion termination fee owed to Netflix if WBD shareholders choose Paramount\u2019s offer.<\/p>\n Ancora stepping in is notable because, while its stake may be relatively small, it\u2019s seeking to rally other shareholders to reject the Netflix proposal. Ancora has warned that if the WBD board refuses to reconsider Paramount\u2019s proposal, it will vote against the Netflix deal and press for board accountability at the company\u2019s 2026 annual meeting.\u00a0<\/p>\n ?Still, it remains uncertain whether Ancora will be able to sway a significant number of other shareholders. Just last month, WBD reported that more than 93%<\/a> of shareholders had voted against what the company called Paramount\u2019s less attractive offer, instead favoring the Netflix deal<\/a>.<\/p>\n ?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 get even more unpredictable and dramatic.<\/p>\n<\/div>\n