Activist investor Ancora Holdings has built a roughly $200 million stake in Warner Bros. Discovery and is planning to oppose Warner’s deal to sell its movie and television studios and HBO Max streaming service to Netflix, according to people familiar with the matter.
Ancora, which could announce its position as soon as Wednesday, believes that Warner failed to adequately engage with David Ellison’s Paramount Skydance after it made a rival all-cash offer for the entire business, including its cable-network group, at $30 a share, the people said.
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