Calamos Advisors LLC Buys Shares of 125,354 Warner Bros. Discovery, Inc. $WBD

Key Points

• Calamos Advisors LLC bought a new stake of 125,354 shares of Warner Bros. Discovery (NASDAQ: WBD) in Q4, valued at about $3.61 million.
• Shareholders overwhelmingly approved the $81 billion merger with Paramount Skydance — increasing the likelihood the deal closes — but they rejected CEO David Zaslav’s pay package and the transaction faces protests, political pushback and reported competitor interference that could complicate integration.
• Insiders have been heavy sellers, disposing of 8,206,827 shares worth roughly $230.7 million in the last 90 days (including a 600,000‑share sale by Gerhard Zeiler), leaving insiders with about 1.8% ownership.

Calamos Advisors LLC bought a new stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 125,354 shares of the company's stock, valued at approximately $3,613,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Concord Wealth Partners lifted its stake in Warner Bros. Discovery by 49.9% in the third quarter. Concord Wealth Partners now owns 1,321 shares of the company's stock valued at $26,000 after buying an additional 440 shares during the period. Physician Wealth Advisors Inc. lifted its stake in Warner Bros. Discovery by 152.1% in the third quarter. Physician Wealth Advisors Inc. now owns 1,404 shares of the company's stock valued at $27,000 after buying an additional 847 shares during the period. Rakuten Securities Inc. lifted its stake in Warner Bros. Discovery by 81.5% in the fourth quarter. Rakuten Securities Inc. now owns 1,160 shares of the company's stock valued at $33,000 after buying an additional 521 shares during the period. JPL Wealth Management LLC acquired a new position in Warner Bros. Discovery in the third quarter valued at about $33,000. Finally, Crews Bank & Trust raised its position in shares of Warner Bros. Discovery by 1,242.2% during the third quarter. Crews Bank & Trust now owns 1,718 shares of the company's stock worth $34,000 after purchasing an additional 1,590 shares during the period. Institutional investors and hedge funds own 59.95% of the company's stock.

Key Warner Bros. Discovery News

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

Insiders Place Their Bets

In related news, insider Gerhard Zeiler sold 600,000 shares of Warner Bros. Discovery stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $28.02, for a total value of $16,812,000.00. Following the sale, the insider owned 672,649 shares of the company's stock, valued at approximately $18,847,624.98. This trade represents a 47.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bruce Campbell sold 41,784 shares of Warner Bros. Discovery stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $27.82, for a total value of $1,162,430.88. Following the completion of the sale, the insider directly owned 604,666 shares in the company, valued at approximately $16,821,808.12. This represents a 6.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 8,206,827 shares of company stock worth $230,674,025 in the last 90 days. Company insiders own 1.80% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Huber Research lowered Warner Bros. Discovery from a "strong-buy" rating to a "strong sell" rating in a research report on Friday, February 27th. Argus dropped their price target on Warner Bros. Discovery from $32.00 to $31.00 and set a "buy" rating on the stock in a research report on Tuesday, March 3rd. Weiss Ratings raised Warner Bros. Discovery from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, February 23rd. UBS Group raised their price target on Warner Bros. Discovery from $20.00 to $30.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 28th. Finally, Guggenheim reaffirmed a "buy" rating on shares of Warner Bros. Discovery in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Warner Bros. Discovery has an average rating of "Hold" and a consensus price target of $26.30.

Warner Bros. Discovery Stock Performance

NASDAQ WBD opened at $27.07 on Monday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a market cap of $67.13 billion, a P/E ratio of 93.35 and a beta of 1.63. Warner Bros. Discovery, Inc. has a one year low of $8.06 and a one year high of $30.00. The stock's 50-day moving average is $27.71 and its 200-day moving average is $26.21.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its earnings results on Thursday, February 26th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same period in the prior year, the business posted ($0.20) EPS. The firm's quarterly revenue was down 5.7% compared to the same quarter last year. Sell-side analysts anticipate that Warner Bros. Discovery, Inc. will post -0.1 earnings per share for the current fiscal year.

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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