Netflix has secured a $72 billion deal for Warner Bros. studios and HBO Max
The battle for Warner Bros. Discovery (WBD) has intensified as activist investor Ancora Holdings, which holds a $200 million stake, reportedly plans to oppose the company’s sale to Netflix.
While the streaming giant has secured a $72 billion deal for Warner’s studios and HBO Max, Ancora is pushing for a rival $78 billion all-cash bid from David Ellison’s Paramount Skydance.
Ancora argues that the WBD board failed to properly engage with Paramount’s superior $30-per-share offer.
Adding to the momentum, Paramount recently rolled out a series of financial incentives in its bid. It introduced a “ticking fee” that would pay WBD investors roughly $650 million per quarter if the deal is not closed by the end of 2026.
It also offered to cover Netflix’s $2.8 billion termination fee.
A WBD shareholder meeting is expected next month.