<p><span style="font-weight: 400;">Cleveland-based wealth management firm Ancora Holdings, a company with a $200 million stake in Warner Bros, is reportedly urging the company to reconsider the acquisition offer from Paramount.</span></p>
<p><span style="font-weight: 400;">Warner Bros. accepted a massive deal from Netflix worth $82.7 billion, as The Daily Wire previously </span><a href="https://www.dailywire.com/news/netflix-to-acquire-warner-bros-in-massive-billion-dollar-deal"><span style="font-weight: 400;">reported</span></a><span style="font-weight: 400;"> in December. Paramount has since submitted a hostile takeover bid in an effort to subvert the Netflix deal. That all-cash offer, the sixth made by the entertainment company, included the acquisition of the entire business at $30 per share.</span></p>
<p><span style="font-weight: 400;">Now Ancora Holdings is weighing in, saying Warner Bros. failed to properly evaluate and consider the Paramount Bid, per <a href="https://www.wsj.com/business/deals/activist-investor-pushes-warner-to-walk-away-from-netflix-deal-0bbe663e?mod=hp_lead_pos1">The Wall Street Journal</a>. The outlet noted that Ancora emailed Warner Bros. CEO David Zaslav on Tuesday to say they were considering a proxy fight if the board failed to negotiate the best deal.</span></p>
<p><span style="font-weight: 400;">The WBD board “now has no choice but to deem Paramount’s amended offer as one that could reasonably be expected to result in a Superior Proposal, given Netflix’s presently inferior proposal and unaddressed regulatory issues. Once that happens, the Board could then engage in good faith with Paramount to maximize shareholder value, paving the way for WBD to secure an even higher offer. If the WBD Board refuses to do this, Ancora will vote “NO” on the inferior Netflix deal and seek to hold the WBD Board accountable,” the firm said in a </span><a href="https://ancora.s3.us-west-1.amazonaws.com/Ancora's+Case+for+Voting+%E2%80%9CNO%E2%80%9D+on+the+Currently+Proposed+Netflix-WBD+Merger.pdf"><span style="font-weight: 400;">presentation</span></a><span style="font-weight: 400;">.</span></p>
<p><span style="font-weight: 400;">“The WBD Board opted to rush into a flawed deal with Netflix rather than earnestly pursue a superior offer from Paramount – in line with the directors’ fiduciary duties,” the presentation said.</span></p>
<p><span style="font-weight: 400;">While Ancora has less than 1% ownership, they are planning to continue buying shares and would potentially influence other shareholders.</span></p>
<p><span style="font-weight: 400;">“WBD’s experienced and independent Board and management team have a proven track record of acting in the best interests of the Company and shareholders – as evidenced by the extensive actions they have taken to unlock the full value of WBD’s unmatched portfolio of assets over the last year,” WBD said in a statement on Wednesday.</span></p>
<p><span style="font-weight: 400;">“We remain resolute in our commitment to maximize value for shareholders.”</span></p>
<p><span style="font-weight: 400;">Paramount revised its hostile offer this week to include paying the $2.8 billion termination fee Warner Bros. would owe Netflix if the deal were called off.</span></p>
<p><span style="font-weight: 400;">The original hostile takeover bid rejection was unanimous by the board, Warner Bros. previously stated. </span></p>

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Investor Urges Warner Bros. To Consider Paramount Deal, Reject Netflix