2/26/2026

Ancora Holdings Pushes Warner to Walk Away From Netflix Deal

Wall Street Journal (02/26/26) Thomas, Lauren

Ancora Holdings has built a roughly $200 million stake in Warner Bros. Discovery (WBD) and is planning to oppose Warner’s deal to sell its movie and television studios and HBO Max streaming service to Netflix (NFLX), according to people familiar with the matter. Ancora, which could announce its position as soon as Wednesday, believes that Warner failed to adequately engage with David Ellison’s Paramount Skydance (PSKY) after it made a rival all-cash offer for the entire business, including its cable-network group, at $30 a share, the people said. The arrival of an activist, even with a small stake in the company, will add yet another dose of uncertainty and drama to an already drawn-out fight for the Hollywood studio. Netflix has signed a $72 billion deal, but Paramount, which is bidding nearly $78 billion for the whole company, has gone straight to shareholders and threatened to wage a board fight at the same time. Ancora, a roughly $11 billion fund that has a history of lobbying in the middle of deals, emailed Warner Chief Executive Officer David Zaslav on Tuesday to say that it is considering launching its own proxy fight if Warner’s board doesn’t negotiate the best deal for shareholders with Paramount, the people added. Warner has a market value of roughly $69 billion as of Tuesday, making Ancora’s stake in the company less than 1%. But Ancora plans to continue buying Warner shares, the people familiar with the matter added, and, even with a small stake, it adds a voice that could help rally other investors around opposing the Netflix transaction. Many shareholders remain on the fence over which deal is better and are anticipating the offers could be revised further. A shareholder vote is expected next month. Netflix agreed in December to pay $27.75 a share in cash for Warner’s studios and HBO Max streaming service. That would leave investors also holding shares in Discovery Global, a new company housing Warner’s cable networks, which it plans to spin off later this year. Paramount’s hostile bid for all of Warner Discovery includes its cable-networks unit that includes CNN, TNT, Food Network, and other channels. Warner has consistently rebuffed Paramount’s offer, arguing Netflix’s deal has greater value, more secure financing and a cleaner path to regulatory approval. Paramount on Tuesday enhanced its hostile offer, including agreeing to pay the $2.8 billion termination fee Warner would owe Netflix should that deal collapse. Paramount also said it was adding a “ticking fee” of 25 cents a share, which it would pay to Warner shareholders for each quarter its deal hasn’t closed, starting in January 2027. If Ancora were to proceed with nominating director candidates, it would focus on replacing individuals with ties to Zaslav, the people familiar with the matter said. Ancora has privately questioned the Warner CEO about whether he favored the Netflix deal to obtain an executive role with the streaming company after the transaction closes, they added. Ancora has antitrust concerns about the Netflix deal it calls “uncertain and inferior.” And it questions the Discovery Global spinoff, which would put $17 billion in Warner debt on the company’s cable-TV networks, which have a declining number of viewers, according to a presentation from the investor seen by The Wall Street Journal. In that presentation, Ancora defends Paramount’s viability as a buyer, pointing to the record of Ellison and his father, the billionaire Oracle (NYSE: ORCL) co-founder Larry Ellison. It also said it expects Paramount to receive swift antitrust approval. Many investors and analysts still largely expect Paramount could increase its $30-a-share offer. Analysts at Raymond James said in a recent note to clients that “many WBD shareholders still expect PSKY has not made its best and final offer, and will raise its bid by ~$2-3 per share.” Cleveland-based Ancora has a history of pushing for deals, both publicly and behind the scenes. In 2024, it built a huge stake in Norfolk Southern (NYSE: NSC) and later won seats on the railroad operator’s board before the company agreed to be acquired by Union Pacific (NYSE: UNP) for almost $72 billion. It also recently privately pushed bubble-wrap maker Sealed Air to sell itself, before the business agreed to be bought by CD&R.

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2/18/2026

Starboard Presses Riot Platforms to Speed Up AI Data Center Push

Reuters (02/18/26) Srivastava, Prakhar

Starboard Value on Wednesday pressed Riot Platforms (RIOT.O) to speed up AI data center deals, saying the bitcoin miner is well-positioned to capitalize on booming demand for artificial intelligence infrastructure. Shares of Riot rose about 5% in premarket trading. The push underscores a shift among crypto miners, which are looking to use their large power capacity for AI computing as bitcoin mining profits remain volatile and demand for AI data centers grows rapidly. In a letter to Riot CEO Jason Les and Executive Chairman Benjamin Yi, Starboard said AI and high-performance computing companies have increasingly turned to cryptocurrency miners as attractive sources of near-term power capacity for data centers. Riot's shares have underperformed peers that have secured sizable AI/HPC deals, according to the letter. "In such a dynamic and rapidly evolving AI/HPC demand environment, Riot must urgently seize this extraordinary opportunity," Starboard Managing Member Peter Feld said in the letter. Riot did not immediately respond to a request for comment. Starboard, which owns about 12.7 million shares of Riot, said the company's two main Texas sites, Corsicana and Rockdale, are well-positioned to capitalize on that demand. The facilities together offer about 1.7 gigawatts of available power suitable for AI data center use, the letter said. The company should focused on the high-quality, investment-grade tenants, including hyperscalers, rather than simply chasing the highest lease rates, the investor said. Starboard described Riot's recent agreement with Advanced Micro Devices (AMD.O) as a "positive signal," but characterized it as a small proof-of-concept deal. Starboard Value acknowledged steps Riot has taken to improve governance and operating efficiency, including appointing new directors with data center experience and hiring a chief data center officer.

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2/18/2026

Elliott Presses LSEG for Portfolio Review, 5 Billion Pound Buyback, Source Says

Reuters (02/18/26) Dey, Bipasha; Conchie, Charlie

Elliott Investment Management is pressing London Stock Exchange Group (LSEG.L) to conduct a full review of its portfolio and launch a 5 billion pound ($6.76 billion) buyback, a person familiar with the matter said on Wednesday. This comes days after Reuters reported that Elliott took a stake in LSEG and started engaging with the company on ways to boost performance. LSEG's shares have dropped more than 30% in the past 12 months, pressured further by a sharp global selloff in software stocks. While Elliott has not made specific requests to LSEG on asset disposals, it sees the group's 51% stake in U.S.-listed Tradeweb Markets (TW.O) as a potential route to generate cash, the person said, adding that the fund considers all of LSEG's portfolio as undervalued. Elliott declined to comment to a request for comment from Reuters, which provides news for LSEG's news and data terminal, Workspace, and other products. An LSEG spokesperson said the company "maintains an active and open dialogue with our investors, while remaining focused on executing our strategy." The investor is pressing LSEG leadership to more effectively communicate that the group cannot be disintermediated by large language models and that AI offers an opportunity rather than a threat to the company, the person said. Engagement between Elliott and LSEG has been constructive so far, the person added.

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2/17/2026

ValueAct’s Morfit Announces BlackRock Position, Says Technology Can Make the Company ‘More Powerful’

CNBC Pro (02/17/26) Harring, Alex

ValueAct’s Mason Morfit unveiled a stake in BlackRock (BLK), saying the firm could lead on investment management software. Morfit, the firm’s co-CEO, disclosed the holding for the first time on an episode of “The Master Investor,” a podcast hosted by CNBC contributor Wilfred Frost. Morfit’s revelation comes ahead of the fund’s regulatory filling expected Tuesday. “It was already the apex predator,” Morfit said, according to a transcript shared with CNBC. “But with the ingesting of software DNA into its dinosaur body, it becomes even more and more powerful.” Morfit said BlackRock’s Aladdin platform could help automate investment decisions, factoring in risk and position preferences. That would allow portfolios to be managed “far better and faster and cheaper than a human being could do it,” he said. BlackRock bills Aladdin as a tech platform that brings together the management process via a common data language. The firm notes that Aladdin’s platform can view a whole portfolio across both public and private markets. Such a technology can help BlackRock break free of its reputation as the exchange-traded fund manager that’s been stuck in price war with competitor Vanguard, Morfit said. To be sure, Morfit acknowledged his investing thesis can be viewed as “strange,” given the threat that this technology causes to active managers like himself. But he said there’s “a lot of inefficiencies” in the sector, creating the need for a company to organize and streamline technology in the industry. “BlackRock has historically been viewed, I think as a diversified asset management that's really good at making ETFs,” Morfit said. “But the interesting thing that piqued my attention in the last 12 months was that BlackRock is also one of the best data and software companies in the industry.” BlackRock shares dropped more than 3% in February, putting the stock near its flatline for 2026 following a three-year win streak. Shares have undeformed the broader market recently: BlackRock has gained under 50% over the last three years, while the S&P 500 has added nearly 67%.

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2/17/2026

Genuine Parts to Split Into Industrial and Auto Businesses; Sees Weak FY26 Profit

Reuters (02/17/26) Sarkar, Apratim

Automotive and industrial parts distributor Genuine Parts (GPC.N) will separate into two independent companies, it said on Tuesday, months after a deal with Elliott Investment Management. The move follows a comprehensive strategic and operational review of market opportunities, in-flight initiatives and the company's structure, it said. The separation into two publicly traded companies – Automotive Parts Group and Industrial Parts Group – follows a settlement late last year with shareholder Elliott. Investors have increasingly pushed companies to simplify corporate structures and shed underperforming or non-core divisions, arguing that leaner businesses unlock greater shareholder value. The split, which does not require shareholder approval, is expected to be completed in the first quarter of 2027. Company names, executive teams and the boards for the separated companies would be announced at a later date. Founded in 1928, Genuine Parts now has a market value of roughly $20 billion as its Automotive Parts Group distributes replacement parts around the world, primarily under the NAPA brand name. Its Motion Industries unit supplies advanced engineered components and technical services to manufacturing and industrial customers across the United States. Separately, Genuine Parts forecast full-year 2026 profit below Wall Street estimates. It sees adjusted EPS between $7.50 and $8.00, while analysts expect $8.44, according to data compiled by LSEG. Shares of the Atlanta-based company, fell nearly 6% in premarket trading on Tuesday. Industrial sales for the fourth quarter was up 4.6% at $2.2 billion from a year earlier. High interest rates and elevated household expenses have prompted many U.S. consumers to postpone non-essential vehicle maintenance in the past. Genuine Parts' adjusted profit for the fourth-quarter was $1.55 per share, compared with analysts' average estimate of $1.82 per share. Revenue for the quarter was about $6.01 billion, with estimates of $6.06 billion. Last year, industrial conglomerate Honeywell (HON.O) announced plans to split into three independent companies following pressure from Elliott.

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2/17/2026

Elliott Investment Management Builds Big Stake in Norwegian Cruise Line

Wall Street Journal (02/17/26) Thomas, Lauren

Elliott Investment Management has built a more than 10% stake in Norwegian Cruise Line (NCLH) and plans to push for changes to turn the struggling cruise-ship operator around, according to people familiar with the matter. Elliott, now one of Norwegian’s top investors, is planning to engage with the company to try to help fix its underperformance, the people said. Norwegian is the fourth-largest cruise operator in the world by number of passengers, with a market value of roughly $10 billion. Its brands include the more premium Oceania Cruises and the luxury Regent Seven Seas Cruises. Norwegian’s stock is down around 4% year to date as of Friday, after falling roughly 13% in 2025. The Miami-based company has lagged behind competitors including Royal Caribbean (RCL) and Carnival (CCL). Norwegian shares are among the worst-performing in the S&P 500 over the past five years, with the stock remaining near Covid-era levels, despite consumer demand recovering since the pandemic. Elliott believes Norwegian could make changes to catch up to its rivals, the people familiar with the matter said. For example, Norwegian’s peers have had success bringing in new customers to cruises through their private islands. Norwegian owns Great Stirrup Cay in the Bahamas, one of the biggest private islands in the industry, but industry-watchers say its development plans have been slow-going. Elliott has been privately working with Adam Goldstein, the former president and chief operating officer of Royal Caribbean, as one potential board nominee at Norwegian, the people familiar with the matter said. A deadline for shareholders to nominate director candidates ahead of Norwegian’s annual meeting closes next month. A spokesperson for Norwegian said in a statement: “Our board of directors and management team regularly engage with our shareholders to hear their views on our strategy and progress, and we appreciate their perspectives. Of note, this is the first we are hearing from Elliott Investment Management.” Elliott’s focus is on simultaneously improving Norwegian’s financial performance and the guest experience, the people familiar with the matter said. The investment firm believes Royal Caribbean has been successful at addressing both, and that Norwegian has achieved a successful turnaround in the past as well, the people added. Late last Thursday, Norwegian announced that its Chief Executive Officer Harry Sommer was stepping down, effective immediately. He was succeeded by John Chidsey, the former CEO of Subway Restaurants. (Chidsey served on Norwegian’s board from 2013 to 2022, and rejoined a year ago.) Norwegian shares tumbled more than 7% Friday after the news. “What might confuse investors is Norwegian is being run by someone with zero ties to the cruise industry,” analysts at Stifel (SF) wrote in a note to clients. Norwegian said Chidsey has a record of “leading large global consumer-facing companies through strategic and operational transformation.” The company also has said it is focused on growing its fleet of ships and keeping spending in check. Elliott has over $79 billion in assets under management, and has been behind many of the biggest and most high-profile activist campaigns. In 2024, the firm built a significant stake in Southwest Airlines (LUV) and pushed for changes, with shares up around 90% since it first showed up. Last year, Elliott also won board seats after a fight at oil refiner Phillips 66 (PSX).

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2/17/2026

Jana Partners Builds Stake in Payments Business Fiserv

Wall Street Journal (02/17/26) Thomas, Lauren

Jana Partners has built a stake in Fiserv (FISV) and is pushing for changes to boost the payments company’s underperforming stock, according to people familiar with the matter. Fiserv, which provides fintech services to banks, credit unions and merchants, had a market value of about $32 billion as of Friday. Fiserv shares tumbled almost 70% last year on slowing growth in its core merchant-solutions business and heightened industry competition. Year-to-date, the stock is down over 11%. Much of the drop last year came after Chief Executive Officer Mike Lyons joined and cut prior profit forecasts to reset earnings growth expectations on Wall Street, with the company losing around $30 billion of market value in one day. Jana has been speaking privately with the Milwaukee-based company about ways to improve its share price, the people said. The investment firm believes Fiserv is poised to benefit from a strong spending environment for banks, the people said. Jana supports Lyons and his focus on improving execution and refreshing the board, the people added. Lyons was appointed to the role in May from his prior job at PNC Financial (PNC). (Fiserv's former CEO, Frank Bisignano, left to join the Trump administration.) The exact size of Jana's stake and whether or not the firm could seek board representation couldn't be learned. “During the past several months, we have engaged with many of our shareholders, including Jana Partners,” a spokesperson for Fiserv said in a statement. “We value shareholder perspectives as we drive progress through our One Fiserv action plan.” Jana is joining with at least one banking industry executive with dealmaking experience on its investment, the people familiar with the matter said. Jana wants Fiserv to accelerate growth of its core banking franchise and conduct a strategic review to exit nonstrategic assets, the people said. Jana isn’t expected to push for a separation of Fiserv’s payments business from its financial-technology business, a strategy that the firm successfully lobbied for at Fidelity National Information Services (FIS) in 2022, the people added. Lyons recently announced fresh strategic initiatives, including its One Fiserv plan, which is focused on winning new enterprise clients and longer-term capital planning. Jana supports the One Fiserv plan, the people familiar with the matter said. Late last year, Fiserv hired a new chief financial officer and appointed two co-presidents for the company’s main business segments. It also recently added three new independent directors to its board. Jana has recently pushed for changes at medical-device maker Cooper Cos. (COO) and the big holding company Markel Group (MKL), both of which are in the process of conducting their own strategic reviews. It recently called on digital banking platform provider Alkami Technology (ALKT) to explore a sale.

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2/17/2026

Starboard Dials Up Pressure on Tripadvisor With Push for Board Shake-Up

Wall Street Journal (02/17/26) Glickman, Ben

Starboard Value plans to push for a shake-up of Tripadvisor’s (TRIP) board, stepping up pressure on management after taking a stake in the travel site operator last year. The investment firm run by Jeff Smith intends to nominate a majority slate on Tripadvisor’s eight-person board, according to a letter the firm released Tuesday morning. The Wall Street Journal earlier reported on Starboard’s plans. Starboard’s stake now represents more than 9% of the company, according to the letter. Tripadvisor’s namesake brand allows users to search and review hotels and other travel experiences. It also owns Viator, which lets users book tours and activities, and TheFork, a restaurant reservation tool. Tripadvisor has a market capitalization of about $1.1 billion after the stock fell nearly 46% in the past year. The Journal reported in July that Starboard had built a stake valued at the time at about $160 million. The firm has publicly agitated in recent months for Tripadvisor to explore a sale of TheFork, and to consider selling itself. Starboard has also argued the company should boost profitability at Viator and the namesake brand. Tripadvisor’s shares tumbled last week after its fourth-quarter results missed Wall Street’s expectations. The company’s stock had already been pressured by investor fears that advances in artificial intelligence would hit software businesses especially hard. It is relatively rare for investors to seek the majority of seats on boards. Starboard about a decade ago led a successful shareholder coup at Olive Garden owner Darden Restaurants (DRI) and kicked off a turnaround.

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