Small Warner Bros. Discovery Shareholder Blasts ‘Flawed, Inferior’ Netflix Offer and Backs Paramount’s Hostile Bid — but Will It Matter?

David Ellison has a vocal new ally in Ancora Holdings Group, an activist investor that has come out swinging hard against Warner Bros. Discovery’s $83 billion deal with Netflix — and in favor of Paramount Skydance’s hostile takeover offer.

Ancora says it is a “nearly $11 billion firm” that holds an approximately $200 million economic interest in Warner Bros. Discovery. That would represent well under 1% of the total shares in Wbd.

On Wednesday, Ancora released a presentation outlining the reasons for its “strong opposition” to the proposed sale of WB’s studios and HBO Max to Netflix. Ancora’s presentation is available at this link.