Quick overview

---

Ancora Holdings, an activist investor, is pleading with Warner Bros. Discovery Inc.’s board. to decline Netflix Inc.’s offer and give Paramount Skydance Corp.’s rival bid another look. giving one of the most significant takeover battles in Hollywood a new plot twist.

Warner Bros. is owned by Ancora, an $11 billion fund that has a track record of getting involved in transactions. Valuable at approximately $200 million, the company said in a statement on Wednesday.

Warner Brothers was estimated to be worth $69 billion on Tuesday, meaning Ancora owns less than 1% of the company.

However, Ancora’s pressure might push investors who have been considering whether to support the board’s support for Netflix or tender their shares to Paramount’s hostile bid at a future shareholder meeting.

Warner Bros. is the target of competing takeover offers from Netflix and Paramount.

However, Warner Bros. has been the target of Paramount, which is supported by its billionaire father, Larry Ellison, headed by technology entrepreneur David Ellison, for even longer, going straight to shareholders with its all-cash offer of $30 per share, which has an enterprise value of $108 billion for the entire company, including the cable network assets.

Warner Bros.’ terms were sweetened by Paramount on Tuesday by consenting to pay the $2.8 billion termination fee that Warner would be required to pay Netflix if the agreement fails.

Additionally, Paramount included a “ticking fee” of 25 cents per share that would be paid to Warner Bros. to demonstrate its confidence that the government would approve its offer quickly. investors for every quarter that its deal hasn’t closed since December. 30. Warner Bros. will also be supported by it. pay $1.05 billion in fees related to debt refinance, if required.