Activist Investor Challenges Netflix-Warner Bid as Stock Hits Fresh Low

The streaming giant is under mounting pressure after Ancora Holdings stepped into the spotlight, openly opposing Netflix’s proposed takeover of Warner Bros. Discovery. Ancora, which recently built a stake of about $200 million in Warner Bros. Discovery, announced on Wednesday its plan to vote against Netflix’s $82.7 billion offer.

Ancora’s case rests on several points: it argues Paramount’s all-cash proposal of $30 per share delivers superior immediate value to investors. The investor also cautions about substantial regulatory risks and uncertainties tied to Warner’s planned cable-asset spin-off. This stance comes just one day after Paramount updated its approach, signaling it would cover a potential $2.8 billion break-up fee to Netflix if Warner shareholders switch commitments.

Stocks in focus as the policy and deal dynamics unfold

The market reaction has been negative for Netflix stock, which slipped to a fresh 52-week low in the $79–$80 range this week, marking roughly a 30% decline from the highs touched in June 2025. Yet data from Charles Schwab indicate that retail traders are using the lower prices as entry points, suggesting persistent private-investor optimism despite the selling pressure.

Regulatory risk adds to the tension. The U.S. Department of Justice is closely reviewing Netflix’s conduct in the context of the merger, a development that critics such as Ancora say could help shape a market outcome. They warn that a combined entity with a subscriber base approaching half a billion could wield significant market power.

A decision looms, with investor sentiment potentially swayed by a pivotal vote

As the situation develops, Warner Bros. Discovery has indicated that initial polling suggested more than 93% of shareholders rejected Paramount’s offer. Nevertheless, Ancora’s intervention could influence the views of undecided investors ahead of the upcoming vote. The final verdict is expected at the shareholder meeting, scheduled for April 2026.

@ boerse-global.de | US64110L1061 ACTIVIST