Arizona State Retirement System Lowers Stock Position in Warner Bros. Discovery, Inc. $WBD

Key Points

• Arizona State Retirement System trimmed its position in Warner Bros. Discovery by 7.9% in Q4, selling 55,648 shares and now holding 645,236 shares valued at about $18.6 million.
• Company insiders sold a large amount of stock last quarter—about 8.2 million shares worth $230.7 million (including notable sales by Bruce Campbell and Gerhard Zeiler)—leaving insiders with roughly 1.9% ownership.
• Shareholders approved the roughly $81 billion merger with Paramount Skydance, increasing the likelihood the deal will close, but they rejected CEO David Zaslav’s pay package and ongoing protests, competitor interference and regulatory scrutiny create material integration and closing risks.

Arizona State Retirement System lowered its position in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 7.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 645,236 shares of the company's stock after selling 55,648 shares during the quarter. Arizona State Retirement System's holdings in Warner Bros. Discovery were worth $18,596,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in WBD. Pacer Advisors Inc. lifted its position in Warner Bros. Discovery by 4,639.8% during the third quarter. Pacer Advisors Inc. now owns 22,788,847 shares of the company's stock valued at $445,066,000 after buying an additional 22,308,046 shares during the period. Vanguard Group Inc. lifted its position in Warner Bros. Discovery by 7.1% during the third quarter. Vanguard Group Inc. now owns 281,214,155 shares of the company's stock valued at $5,492,112,000 after buying an additional 18,736,600 shares during the period. Jericho Capital Asset Management L.P. lifted its position in Warner Bros. Discovery by 108.9% during the third quarter. Jericho Capital Asset Management L.P. now owns 35,095,390 shares of the company's stock valued at $685,413,000 after buying an additional 18,291,865 shares during the period. Duquesne Family Office LLC purchased a new position in Warner Bros. Discovery during the second quarter valued at $74,916,000. Finally, Allianz Asset Management GmbH lifted its position in Warner Bros. Discovery by 170.1% during the third quarter. Allianz Asset Management GmbH now owns 9,326,978 shares of the company's stock valued at $182,156,000 after buying an additional 5,873,183 shares during the period. Hedge funds and other institutional investors own 59.95% of the company's stock.

Warner Bros. Discovery Trading Up 0.6%

Warner Bros. Discovery stock opened at $27.07 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.06 and a quick ratio of 1.06. Warner Bros. Discovery, Inc. has a one year low of $8.06 and a one year high of $30.00. The stock has a market capitalization of $67.13 billion, a PE ratio of 93.35 and a beta of 1.63. The business's fifty day moving average is $27.71 and its 200 day moving average is $26.10.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.19). Warner Bros. Discovery had a net margin of 1.95% and a return on equity of 1.98%. The business had revenue of $9.46 billion for the quarter, compared to analysts' expectations of $9.33 billion. During the same period last year, the business earned ($0.20) earnings per share. The company's quarterly revenue was down 5.7% on a year-over-year basis. On average, sell-side analysts predict that Warner Bros. Discovery, Inc. will post -0.1 EPS for the current year.

Insider Buying and Selling at Warner Bros. Discovery

In other news, insider Bruce Campbell sold 41,784 shares of Warner Bros. Discovery stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $27.82, for a total transaction of $1,162,430.88. Following the transaction, the insider directly owned 604,666 shares of the company's stock, valued at $16,821,808.12. The trade was a 6.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gerhard Zeiler sold 600,000 shares of Warner Bros. Discovery stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $28.02, for a total value of $16,812,000.00. Following the sale, the insider directly owned 672,649 shares in the company, valued at $18,847,624.98. This trade represents a 47.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 8,206,827 shares of company stock worth $230,674,025. 1.90% of the stock is owned by corporate insiders.

Key Stories Impacting Warner Bros. Discovery

Here are the key news stories impacting Warner Bros. Discovery this week:

• Positive Sentiment: Shareholders overwhelmingly approved the merger agreement with Paramount Skydance, removing a major corporate-governance obstacle and increasing the likelihood the $81B transaction will close — a primary catalyst that supports a takeover premium and M&A re-rating. Warner Bros. Discovery Stockholders Approve Transaction with Paramount Skydance
• Neutral Sentiment: WBD set the date and time for its Q1 2026 earnings call (Wednesday, May 6, after market close) — a scheduled catalyst that could drive near-term volatility depending on revenue/profit guidance and merger-related commentary. Warner Bros. Discovery Updates the Date and Time of its First Quarter 2026 Earnings Call
• Neutral Sentiment: Shareholders voted down the proposed exit/pay package for CEO David Zaslav and other executives — a sign of shareholder activism and governance friction that could complicate management transitions or retention but reduces a perceived large costs tied to the deal. WBD shareholders approve the Paramount mega-merger — but reject David Zaslav's pay package
• Neutral Sentiment: WBD shares showed recent weakness versus the broader market, underscoring near-term volatility as investors price the merger, integration risk and upcoming earnings. Warner Bros. Discovery (WBD) Falls More Steeply Than Broader Market
• Negative Sentiment: Protests and political criticism claim the merger could threaten jobs (notably in NYC) and draw public/political pushback — potential PR/regulatory headaches that could slow integration or invite stricter conditions. Zohran Mamdani rips Warner Bros. Discovery's Paramount merger
• Negative Sentiment: Reports that competitors (reportedly Netflix) have been quietly trying to interfere with the merger raise the prospect of industry pushback or competitive maneuvering that could complicate closing or increase deal costs. Netflix reportedly quietly interfering with Warner Bros.-Paramount merger
• Negative Sentiment: Ongoing protests and media scrutiny create reputational and execution risk during the integration phase, which could pressure shares if investors fear delays, divestitures or regulatory remedies. Flurry Of Protests As WBD Shareholders Set To Vote On Paramount Merger

Wall Street Analyst Weigh In

Several equities analysts have commented on WBD shares. Wells Fargo & Company started coverage on Warner Bros. Discovery in a research report on Monday, March 9th. They set an "equal weight" rating and a $31.00 price objective for the company. Benchmark reissued a "hold" rating on shares of Warner Bros. Discovery in a research report on Friday, February 27th. Rothschild & Co Redburn set a $31.00 price objective on Warner Bros. Discovery and gave the company a "neutral" rating in a research report on Tuesday, February 17th. Deutsche Bank Aktiengesellschaft downgraded Warner Bros. Discovery from a "buy" rating to a "hold" rating and raised their price target for the company from $29.50 to $31.00 in a report on Friday, February 27th. Finally, Guggenheim restated a "buy" rating on shares of Warner Bros. Discovery in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $26.30.

Warner Bros. Discovery Company Profile

Warner Bros. Discovery NASDAQ: WBD is a global media and entertainment company formed when WarnerMedia and Discovery, Inc combined their businesses in 2022. Headquartered in New York City, the company assembles a broad portfolio of film and television production, linear and cable networks, streaming services and consumer distribution operations. Its assets span well-known studio brands, premium scripted and unscripted programming, news and factual entertainment, and licensed franchise properties.

The company's core activities include film and television production and distribution through units such as Warner Bros.

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