Activist hedge fund Ancora Holdings has acquired a $200 million stake in Warner Bros Discovery and plans to oppose the sale of its film and television studios to Netflix. Ancora argues that Warner's board has not adequately considered a higher offer from Paramount Skydance. Netflix has proposed $82.7 billion for the assets, while Paramount's offer is $108.4 billion. Ancora may initiate a proxy fight if the board does not reconsider Paramount's bid, with a shareholder vote expected in early spring.