Ancora Could See Multiple Ways to Win in Warner Bros. Fight

Ancora Holdings Group — the activist investor that jumped into the takeover fight for Warner Bros. Discovery Inc. Wednesday — has made a splash by showing up in high-profile M&A situations.

The firm, whose activism arm is led by James Chadwick, played key roles in themergersof United States Steel Corp. and Norfolk Southern Corp., among others. Ancora unsuccessfully tried to scuttle US Steel’s sale to Nippon Steel Corp., while its winning push for management changes at Norfolk helped pave the way for the rail operator’s mega-merger with Union Pacific Corp.

Ancora, based in Cleveland, is urging Warner Bros. ...