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Warner investor says it won't back Netflix deal

February 12, 2026

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Los Angeles Times

Activist investor Ancora Holdings Group is calling on the Warner Bros.

- By SAMANTHA MASUNAGA

Warner investor says it won't back Netflix deal

WARNER BROS. Studios in Burbank. Its parent company is trying to push through a sale to Netflix.

(Jae C. Hong Associated Press)

Discovery board to consider a revised bid from Paramount Skydance and negotiate with the David Ellison-led company, or it says it will vote no on the proposed deal between Warner Bros. and Netflix.The Cleveland-based investment management firm released a presentation Wednesday detailing why it believes Paramount's latest offer could be a superior bid compared with the Netflix transaction.

Ancora said its stake in Warner Bros. Discovery is worth about $200 million, which would make its ownership less than 1% given the company’s $69.4-billion market cap.

Ancora cited uncertainty around the equity value and final debt allocation for the planned spinoff of Warner's cable channels into a separate company as a factor that could change share valuation. The spinoff is still set to happen under the agreement with Netflix, as the streamer does not intend to buy the cable channels. Paramount has proposed buying the entire company.

المزيد من القصص من Los Angeles Times

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