Activist hedge fund Ancora Holdings has built a roughly $200 million (€170mn) stake in Warner Bros Discovery and is preparing to oppose a proposed sale of the company’s film and television studios to Netflix, according to media reports. The Wall Street Journal first reported on Ancora’s plans.
The move adds a fresh layer of uncertainty to the high-stakes takeover battle that has surrounded the Hollywood giant for months, where Netflix and Paramount Skydance are competing bidders.
