Activist investor challenges Warner Bros. Discovery's Netflix deal

Ancora Holdings, which owns a $200 million stake in WBD, backs Paramount Skydance's rival all-cash bid

Published on Feb. 11, 2026

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Activist investor Ancora Holdings is gearing up to fight Warner Bros. Discovery's proposed $72 billion sale of its movie and TV studios and HBO Max streaming service to Netflix. The Cleveland-based firm, which manages roughly $11 billion in assets, has built a stake valued at about $200 million and is expected to announce that it favors Paramount Skydance's rival all-cash bid for the entire company, valuing WBD at roughly $78 billion.

Why it matters

The battle over WBD's future highlights the high stakes involved as major media companies jockey for position in the streaming wars. Ancora has raised antitrust concerns about the Netflix transaction and questioned whether WBD CEO David Zaslav favored the deal to secure an executive role with Netflix after the transaction closes.

The details

Ancora plans to continue buying WBD shares and is considering launching a proxy fight to replace board members with ties to Zaslav if the board does not negotiate with Paramount over its rival all-cash offer. Paramount has sweetened its bid, adding a 'ticking fee' and other financial enhancements, though it has not raised its $30-per-share all-cash offer. Paramount said the changes 'clearly underscore our strong and unwavering commitment to delivering the full value WBD shareholders deserve'.

  • On February 11, 2026, Ancora is expected to announce that it favors Paramount Skydance's rival all-cash bid for WBD.

The players

Ancora Holdings

A Cleveland-based activist investment firm that manages roughly $11 billion in assets and has built a $200 million stake in Warner Bros. Discovery.

David Zaslav

The CEO of Warner Bros. Discovery.

Paramount Skydance

A rival bidder for Warner Bros. Discovery, offering an all-cash bid of $30 per share, valuing the company at roughly $78 billion.

David Ellison

The CEO of Paramount Skydance, leading the hostile $30-per-share all-cash bid for Warner Bros. Discovery.

Netflix

The streaming giant that has proposed a $72 billion deal to acquire Warner Bros. Discovery's movie and TV studios and HBO Max streaming service.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

What’s next

The WBD board will review and consider Paramount's revised offer, though it has consistently recommended shareholders reject Paramount's bid in favor of Netflix's proposed acquisition.

The takeaway

This battle over WBD's future highlights the high-stakes competition in the streaming wars, as major media companies jockey for position and seek to gain a competitive edge through strategic acquisitions and partnerships.