Harmonic is reportedly facing pressure from investment fund Ancora Holdings to divest its video business.
As part of its Q3 2023 results announcement in October, Harmonic revealed it is undergoing a review of its video business.
According to reports, Ancora is said to be planning a challenge to Harmonic’s board of directors to force the company into the sale.
Ancora, which is a major shareholder in the company, is believed to be planning to nominate a new slate of directors at Harmonic’s upcoming annual meeting.
Reuters reports Ancora wants Harmonic to use the profits from a sale of the video business, which is thought to be worth up to $400 million, for share buybacks.
Nominations for Harmonic’s board open on February 24th. Reports suggest Ancora could step back if Harmonic agrees a deal about its concerns over the board.
