Chadwick: This is a once in a lifetime opportunity for Paramount

Speakers

Jim Chadwick — Managing Partner, Ancora

Ancora has accumulated a growing ~$200 million stake in Warner Brothers and is threatening a proxy fight if the board fails to maximize shareholder value.
Chadwick argues the current "Netflix deal" is inferior due to conditional pricing (dependent on debt transfers) and severe antitrust risks in DC and Europe.
He views the competing "Paramount offer" (backed by Larry Ellison/Oracle) as superior in value, certainty, and regulatory clarity.
Chadwick frames a potential Warner Brothers acquisition as a "once in a lifetime opportunity" for Paramount to gain global scale and compete with Disney.

Ticker	Direction	Speaker	Thesis	Time
PARA	LONG	Jim Chadwick Managing Partner, Ancora	Chadwick calls the	1:06
WBD	LONG	Jim Chadwick Managing Partner, Ancora	Ancora has a growing stake in Warner Brothers and believes the board is currently favoring an inferior, conditional deal (Netflix) while rebuffing a superior all-cash/certain offer from Paramount. Activist pressure (including a potential proxy fight) will force the board to negotiate with Paramount, unlocking a higher bid ("enhanced offer") and avoiding the regulatory pitfalls of the Netflix deal. LONG (Activist Target / M&A Play). Regulatory blocking of any deal; Board entrenchment accepting the lower-value Netflix bid; Deal financing falling through.	6:21