Activist Investor Blocks Netflix-Warner Bid, Backing Paramount Skydance

Netflix faces an unanticipated hurdle in the $82.7 billion pursuit by Warner Bros. Discovery as an activist investor steps in. Ancora Holdings has taken roughly a $200 million stake and plans to vote against the Netflix deal, signaling support for Paramount Skydance’s rival approach instead.

Ancora announced on February 11, 2026, that it would oppose the Warner deal at the forthcoming shareholder meeting. The critique centers on what Ancora argues is insufficient negotiations by Warner’s board with Paramount regarding its all-cash offer, which also contemplates control of CNN and TNT as part of the broader package.

The activist investor intends to vote against the Warner-led arrangement at the April shareholder meeting unless Warner’s board shifts its stance. It marks a clear challenge to Netflix’s bid from Los Gatos.

Paramount Skydance Tightens its Stance

One day earlier, Paramount Skydance refined its own proposal without increasing the per-share price beyond $30, but layered in additional incentives:

• Quarterly fee: 25 cents per share starting in 2027, roughly translating to about $650 million per quarter
• Assumption of termination fee: Paramount would take on the $2.8 billion that Warner would owe Netflix if the deal collapses
• Extended offer window: The deadline extended to February 20

Despite Paramount’s adjustments, Warner’s board remains aligned with its Netflix recommendation. Corporate sources indicate that more than 93 percent of shareholders had already rebuffed Paramount’s approach.

Market Reaction and Regulatory Backdrop

The market has grown tense as the two-way contest unfolds. Netflix shares closed at $82.21 on February 10. The stock had slipped about 11 percent in January amid the intensifying bidding war, and in early February touched a 52-week low of $79.23—well below the mid-2025 highs. Investors appear pricing in higher risk that the deal could fail or become costlier.

Both bidders are under the lens of antitrust authorities. Netflix’s chief negotiator, Clete Willems, described the Justice Department’s ongoing review as a “normal process” for mergers of this scale during a February 9 interview with Fox Business Network.

The Warner-shareholder vote is expected sometime between late March and early April, as the industry watches how the Netflix bid will fare. Netflix initially offered a mixed package but converted it on January 20 into a pure cash proposal.

Key figures at a glance

• Netflix offer: $27.75 per share (enterprise value around $82.7 billion)
• Paramount offer: $30 per share (total around $108.4 billion)
• Breakup fee: $2.8 billion
• Ancora stake: approximately $200 million

The showdown centers on Warner Bros. Discovery’s prized franchises—Game of Thrones, Harry Potter, and the DC Universe—setting the stage for a decisive nexus in the media landscape over the coming weeks. For Netflix, a miss could carry a $2.8 billion cost and threaten strategic ambitions in the competitive entertainment arena.

@ boerse-global.de | US64110L1061 ACTIVIST