Activist investor Ancora on Wednesday backed Paramount Skydance Corp.’s (PSKY) offer for Warner Bros. Discovery Inc. (WBD), stating that the latter has a “clear path” to securing an even better offer from PSKY.

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In its presentation, Ancora stated that the Paramount offer for WBD “includes certainty and can be increased,” while it termed the Netflix Inc. (NFLX) deal as “flawed, inferior, and high risk.”

“In contrast to Netflix’s highly questionable offer and the Discovery Global spinoff, Paramount Skydance Corporation (“Paramount”) is proposing to give shareholders real financial certainty with $30 per share in cash,” Ancora said in its presentation.

Paramount Skydance shares were up nearly 0.4% in Wednesday’s pre-market trade, while Warner Bros. Discovery shares gained nearly 1%. Retail sentiment on Stocktwits around both companies trended in the ‘bullish’ territory.

Netflix shares were up 0.1% at the time of writing, with retail sentiment trending in the ‘bearish’ territory on Stocktwits.

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