Contends the Netflix Proposal Includes Inferior and Uncertain Cash Consideration, the Likely Debt-Laden Discovery Global Spinoff and a “Hail Mary” Path to Regulatory Approval
Details the Risks to Creative Production, Jobs and the Future of Human Talent in the Film and TV Industries Under a Seemingly Monopolistic WBD-Netflix Behemoth
Makes Clear the Paramount Offer Includes Significantly More Cash, the Backing of the Proven Ellison Trust and a Viable Path to Regulatory Approval Thanks to Modest Size and Studio Legacy
Urges the WBD Board to Determine that Paramount’s Revised Offer Could Reasonably Be Expected to Result in a “Superior Proposal” and Engage with Paramount to Secure a Value-Maximizing Outcome for All Shareholders
Visit www.MaximizeWBDValue.com to Download the Presentation
Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”), a nearly $11 billion firm with an approximately $200 million economic interest in Warner Bros. Discovery, Inc. (NASDAQ: WBD) (“WBD”), today released an extensive presentation regarding its strong opposition to the currently proposed merger involving WBD and Netflix, Inc. (NASDAQ: NFLX) (“Netflix”). Ancora's presentation can be downloaded at: www.MaximizeWBDValue.com.
The Netflix Deal is Flawed, Inferior and High Risk |
The Paramount Proposal Includes Certainty and Can Be Increased |
There is a Clear Path for WBD’s Board to Re-engage and Secure an Even Higher Offer |
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***As a reminder, Ancora's presentation can be downloaded at: www.MaximizeWBDValue.com***
About Ancora
Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension plans to deliver long-term value. Ancora’s comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. Ancora Alternatives is the alternative asset management division of Ancora Holdings Group, investing across three primary strategies: activism, multi-strategy and commodities. For more information about Ancora Alternatives, please visit www.ancoraalts.com.
THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. ANCORA IS NOT ASKING FOR YOUR PROXY CARD AND WILL NOT ACCEPT PROXY CARDS IF SENT. ANCORA IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.
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As shown in the presentation, $27.75 is the maximum cash consideration if everything works out optimally. Based on WBD’s preliminary proxy statement dated Feb. 9, 2026, the cash WBD shareholders may ultimately receive from the Netflix transaction could be as low as $21.23. |
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The Ellison Trust has a demonstrated record of funding large-scale deals and has never been in default on any of its prior financial obligations and/or guarantees – reinforcing the credibility and executability of Paramount’s fully backstopped equity commitment. The Trust holds approximately 1.16 billion shares of Oracle common stock, according to Larry Ellison’s Form-4 filing dated Jul. 17, 2025, valued at over $250 billion as of early 2026. | ||
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The Wall Street Journal article dated Feb. 6, 2026. | ||
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Paramount shareholder letter dated Dec. 10, 2025. | ||
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Paramount press release dated Feb. 10, 2026. | ||
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