Zhi Tong Cai Jing·2026-02-11 05:23Core Viewpoint - The acquisition landscape in Hollywood is experiencing significant changes, with activist investor Ancora Holdings Group taking a stake in Warner Bros. Discovery (WBD.US) and opposing its recent acquisition deal with Netflix (NFLX.US) [1][3]. Group 1: Acquisition Details - Warner Bros. has agreed to sell its film and television production studios, along with HBO Max, to Netflix for $27.75 per share, part of a total deal valued at $82.7 billion, including debt [2]. - Paramount Skydance Corp., led by David Ellison, has made a competing offer of $30 per share, representing an enterprise value of approximately $108.4 billion, seeking to acquire the entire Warner Bros. company [2]. Group 2: Activist Investor's Role - Ancora Holdings Group has reportedly established a significant position in Warner Bros. and plans to oppose the management's acquisition agreement with Netflix, potentially leading to a proxy fight [1][6]. - The activist investor's involvement is seen as a move to increase the likelihood of a higher bid or better terms from Paramount Skydance, thereby enhancing shareholder value [6]. Group 3: Implications for Netflix - If the acquisition of Warner Bros. is successful, Netflix would gain a vast library of intellectual properties (IPs), transitioning from a pure streaming platform to an integrated giant with top-tier production capabilities [7]. - The acquisition would significantly enhance Netflix's content library, including popular franchises such as Harry Potter, DC Universe, and HBO's acclaimed series like Game of Thrones, thereby strengthening its competitive position in the streaming wars [8].