Ancora Fund submitted a formal proposal requesting Netflix shareholders vote against the Warner Bros takeover, citing concerns that the multi-billion dollar deal would strain Netflix’s debt capacity and reduce operational flexibility. The proposal highlights Ancora’s view that the acquisition price undervalues core Netflix assets and lacks clear funding safeguards.

Netflix announced its intention to acquire Warner Bros studios to expand its content library and strengthen market position, aiming to integrate film and TV assets across a direct-to-consumer platform. The deal is structured with a mix of cash and debt financing, projected to significantly increase Netflix’s leverage.

If shareholders side with Ancora, the takeover could be delayed or abandoned, forcing Netflix to revisit its content growth strategy. Analysts warn that blocking the deal may preserve balance sheet strength but could limit Netflix’s scale advantage against competitors investing heavily in original content.