Chadwick: This is a once in a lifetime opportunity for Paramount
Summary
- 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.
Trade Ideas
Chadwick calls the
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.
Up Next
This CNBC video, published February 11, 2026, features Jim Chadwick discussing PARA, WBD. 2 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Jim Chadwick · Tickers: PARA, WBD