Activist Ancora Holdings has reportedly increased its stake in Warner Bros Discovery ahead of an attempt to stop its sale to Netflix.
According to Reuters, Ancora has increased its stake in WBD to around $200 million.
The FT claims that the move is in preparation for a possible filing that would argue the company’s board hasn’t given proper consideration to Paramount’s competing bid.
Yesterday, Paramount improved its buyout terms, offering to cover the $2.8 billion termination fee that WBD would have to pay to Netflix should it terminate the sale to the streaming company.
Paramount’s new offer would see WBD investors receive an extra 25 cents a share (about $650 million) in quarterly payments should the deal fail to close by the end of 2026.
Shareholders are expected to vote on Netflix’s plan to acquire WBD’s film and television studios, HBO Max and HBO in the early spring.
