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00:02Activist investor Ancora Holdings has taken a $200 million stake in Warner Brothers' discovery
00:07and plans to oppose its agreed $82.7 billion sale to Netflix, according to the Wall Street Journal.
00:14Ancora argues the board has not adequately considered a rival all-cash $30 per share
00:20bid from Paramount. The move comes after Paramount enhanced its hostile bid for WBED
00:25by adding a ticking fee for shareholders tied to regulatory delays and a $2.8 billion termination
00:31fee for Netflix. Ancora's $200 million stake represents less than 1% of WBED's nearly $70
00:38billion market value. The Wall Street Journal reported that Ancora plans to continue buying
00:43shares and may nominate directors to replace individuals with ties to CEO David Zosliff.
00:48Warner said in a statement on Tuesday that it would carefully review and consider the revised bid.
00:53Ancora, WBED, and Netflix did not immediately respond to Benzinga's request for comment.
01:00WBED shares closed up 2.17% at $27.80 on Tuesday and have risen nearly 158% over the
01:08past six
01:09months as deal talks emerged. For all things money, visit Benzinga.com.
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