According to anonymous sources familiar with the matter, activist investor Ancora Holdings Group has taken a position in shares of Warner Bros. Discovery.

The size of Ancora's stake and its specific plans are currently unknown. Representatives for both Ancora and Warner Bros. Discovery have not yet responded to requests for comment.

Separate reports indicate that Ancora plans to oppose a deal in which Warner Bros. would sell its studio and HBO Max streaming service to Netflix.

Warner Bros. has stated it intends to seek shareholder approval for the proposed transaction with Netflix by April at the latest. The annual shareholder meeting, where a board election will also take place, is scheduled for several months after that vote.

Netflix and Paramount Skydance Corp. are competing to acquire Warner Bros. The company has already agreed to sell its studio and HBO Max streaming service to Netflix for $27.75 per share, a deal valued at approximately $82.7 billion including debt. The plan also involves spinning off cable networks such as CNN and TNT to its shareholders.

Paramount, led by tech scion David Ellison and backed by his billionaire father Larry Ellison, has proposed acquiring all of Warner Bros. for $30 per share, representing an enterprise value of approximately $108.4 billion.

Warner Bros. has repeatedly rejected Paramount's offers. Subsequently, Paramount has initiated a tender offer for Warner Bros. stock.