THE SHOW MUST GO ON: Activist Investor Slams WBD For Rushing Into ‘Flawed’ Netflix Deal, Tells Board To Engage With Paramount As Temperature Rises.

Activist investor and Warner Bros. Discovery shareholder Ancora Holdings threatened to vote ‘no’ on the Netflix deal and launch its own proxy fight if the WBD board does not engage with Paramount.

The David Ellison company Tuesday sweetened its hostile takeover offer for Warner in its latest attempt to derail the company’s agreement with Netflix.

The WBD board “now has no choice but to deem Paramount’s amended offer as one that could reasonably be expected to result in a Superior Proposal, given Netflix’s presently inferior proposal and unaddressed regulatory issues. Once that happens, the Board could then engage in good faith with Paramount to maximize shareholder value, paving the way for WBD to secure an even higher offer. If the WBD Board refuses to do this, Ancora will vote “NO” on the inferior Netflix deal and seek to hold the WBD Board accountable at the 2026,” the firm said in a presentation posted on its website.

“The WBD Board opted to rush into a flawed deal with Netflix rather than earnestly pursue a superior offer from Paramount – in line with the directors’ fiduciary duties,” it said. Ancora, a nearly $11 billion firm, said it has an approximately $200 million economic interest in Warner Bros. Discovery.

Stay tuned.