Core Viewpoint - Activist investor Ancora Holdings has acquired a stake in Warner Bros Discovery and intends to oppose the company's deal with Netflix, citing inadequate engagement with Paramount Skydance regarding a rival offer for the entire company [1][2]. Group 1: Stake and Opposition - Ancora Holdings has built a stake in Warner Bros worth nearly $200 million, representing less than 1% of the company's outstanding shares [4]. - The investor plans to vote against the Netflix deal at an upcoming shareholder meeting unless Warner Bros reverses its recommendation in favor of the acquisition [2]. Group 2: Value Comparison - Ancora argues that the proposed Netflix-Warner Bros deal offers inferior value and carries significant regulatory risks, while a competing offer from Paramount provides a clearer path to approval and a higher value of $30 per share [3][6]. - Paramount's bid, valued at $108.4 billion including debt, has not been increased, but it offers additional cash incentives to Warner Bros investors for delays in closing the deal [5][6]. Group 3: Strategic Moves - Paramount has extended its tender offer deadline to February 20 to persuade investors and has committed to covering the $2.8 billion breakup fee if Warner Bros withdraws from the Netflix deal [5][7]. - Analysts suggest that Paramount may need to raise its offer to reignite deal discussions, but Ancora believes the improved offer qualifies as a superior proposal under the Netflix agreement [7].