The Netflix $82.7 billion bid to get Warner Bros. Discovery (WBD) faces significant new resistance. Investment group Ancora Holdings announced it had bought a $200 million stake in WBD and countered Netflix’s offer. However, Ancora threw its support behind a rival bid from Paramount.

The WSJ have an exclusive.

In one press release on Wednesday, Ancora aligned itself with Paramount’s argument: It claims the Netflix deal is low, involves more regulatory risk, and does not provide as much immediate cash to shareholders.

Just a day earlier, Paramount improved its bid by offering WBD shareholders a new incentive: $0.25 per share for each quarter the deal remains unclosed after December 31, 2026. In addition, it promised to cover $2.8 billion in termination payments owed to Netflix if WBD shareholders chose Paramount’s offer.

Ancora’s entry is unusual because, although its stake is small, it seeks to rally other shareholders to reject Netflix’s proposal. Ancora warned that if the WBD board refuses to reconsider Paramount’s proposal, it will vote against the Netflix deal and hold the board accountable at the company’s 2026 annual meeting.

However, it remains uncertain whether Ancora will be able to shake off a significant number of other shareholders. Last month, WBD reported that more than 93% of shareholders voted against what the company called Paramount’s unattractive offer, instead favoring deal with Netflix.

But if Ancora gets some shareholders to change their minds, the whole Netflix takeover could be turned on its head. Suddenly, this tense situation becomes even more unpredictable and dramatic.