Activist investor Ancora Holdings acquired a stake in Warner Bros. Discovery to oppose the planned sale of its studio and streaming assets to Netflix, according to The Wall Street Journal. Ancora is urging Warner Bros. to accept a rival takeover offer from Paramount Skydance, citing superior shareholder value.
The move creates a hurdle for Netflix's strategy to expand its content library and production capabilities. Paramount Skydance recently increased its bid for Warner Bros. amid an ongoing bidding war.
The Warner Bros. board currently supports the Netflix transaction. Ancora’s pressure may trigger a proxy fight.