Tokio Marine Asset Management Co. Ltd. Increases Holdings in Warner Bros. Discovery, Inc. $WBD

Key Points

• Tokio Marine Asset Management increased its stake in Warner Bros. Discovery by 304.5%, buying 274,000 shares to hold 363,983 shares worth about $10.49 million, and several other funds also materially increased positions as institutional ownership sits near 60%.
• Heavy insider selling has occurred recently: CFO Gunnar Wiedenfels sold 617,580 shares and a director sold 600,000 shares, with insiders offloading 8,206,827 shares (~$230.7M) over the last three months, leaving insiders with about 1.90% ownership.
• Deal and earnings catalysts: the proposed Paramount‑WBD combination faces heightened regulatory and political scrutiny with "hostile rewrite" risk that could pressure the stock, while WBD will report Q1 results on May 7 — investors should watch streaming metrics and guidance.

Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 304.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 363,983 shares of the company's stock after buying an additional 274,000 shares during the period. Tokio Marine Asset Management Co. Ltd.'s holdings in Warner Bros. Discovery were worth $10,490,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in WBD. Brighton Jones LLC raised its stake in Warner Bros. Discovery by 304.9% during the 4th quarter. Brighton Jones LLC now owns 68,950 shares of the company's stock valued at $729,000 after buying an additional 51,920 shares during the last quarter. NewEdge Advisors LLC raised its stake in Warner Bros. Discovery by 50.5% during the 1st quarter. NewEdge Advisors LLC now owns 63,254 shares of the company's stock valued at $679,000 after buying an additional 21,228 shares during the last quarter. Empowered Funds LLC raised its stake in Warner Bros. Discovery by 6.2% during the 1st quarter. Empowered Funds LLC now owns 65,082 shares of the company's stock valued at $698,000 after buying an additional 3,779 shares during the last quarter. Focus Partners Wealth increased its stake in shares of Warner Bros. Discovery by 91.6% in the 1st quarter. Focus Partners Wealth now owns 116,821 shares of the company's stock worth $1,254,000 after purchasing an additional 55,837 shares in the last quarter. Finally, Baird Financial Group Inc. increased its stake in shares of Warner Bros. Discovery by 3.8% in the 2nd quarter. Baird Financial Group Inc. now owns 111,450 shares of the company's stock worth $1,277,000 after purchasing an additional 4,062 shares in the last quarter. 59.95% of the stock is currently owned by hedge funds and other institutional investors.

Warner Bros. Discovery News Summary

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

• Positive Sentiment: HBO Max launched on India’s JioCinema/JioCinema Premium (JioHotstar) distribution, expanding WBD’s streaming footprint in a large international market and creating incremental subscriber and ad revenue opportunity. Warner Bros Discovery’s HBO Max launches in India on JioHotstar
• Positive Sentiment: Paramount Skydance CEO David Ellison vowed to keep at least 30 film releases per year if the proposed $110B deal closes, a public assurance that aims to limit disruption to WBD’s theatrical and studio revenue lines. This could reduce some investor fear about content cuts post-merger. Ellison takes Paramount, Warner Bros case straight to theater owners
• Neutral Sentiment: WBD set its Q1 2026 earnings release for May 7 (pre‑market) — earnings and subscriber metrics will be the next direct catalyst for the stock. Investors should watch streaming ARPU, ad growth, and guidance. Warner Bros. Discovery to Report First Quarter 2026 Results on Thursday, May 7
• Neutral Sentiment: Zacks notes elevated search interest in WBD from retail investors — higher attention can amplify intra‑day moves but doesn’t itself change fundamentals. Investors Heavily Search Warner Bros. Discovery, Inc. (WBD): Here is What You Need to Know
• Negative Sentiment: Regulatory and political scrutiny is intensifying: Senate hearings, calls for testimony, and public criticism from filmmakers and lawmakers raise the risk of remedies, divestitures or deal delays that could reduce deal certainty and create strategic uncertainty for WBD. Cory Booker To Hold “Spotlight” Hearing On Paramount-Warner Bros. Discovery Merger, Invites David Ellison To Testify
• Negative Sentiment: Theater owners and industry voices warn a Paramount‑WBD combination could squeeze exhibitors and restructure release windows — these concerns add another layer of execution and regulatory risk that could pressure WBD’s valuation until the deal path clears. Paramount-WBD Merger? Theater Owners Expect Even Tougher Times
• Negative Sentiment: Multiple reports suggest the proposed acquisition faces a “hostile rewrite” risk and public pushback from talent and lawmakers, increasing the chance of concessions or an extended approval timeline. That uncertainty often weighs on the stock until resolved. Warner Bros. Discovery's blockbuster deal faces a hostile rewrite

Insider Buying and Selling at Warner Bros. Discovery

In other Warner Bros. Discovery news, CFO Gunnar Wiedenfels sold 617,580 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $28.25, for a total transaction of $17,446,635.00. Following the completion of the transaction, the chief financial officer owned 691,570 shares of the company's stock, valued at $19,536,852.50. This represents a 47.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul A. Gould sold 600,000 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $27.35, for a total transaction of $16,410,000.00. Following the transaction, the director directly owned 244,357 shares of the company's stock, valued at $6,683,163.95. This trade represents a 71.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 8,206,827 shares of company stock worth $230,674,025. Insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on WBD shares. Raymond James Financial restated an "underperform" rating on shares of Warner Bros. Discovery in a research note on Friday, February 27th. Deutsche Bank Aktiengesellschaft lowered Warner Bros. Discovery from a "buy" rating to a "hold" rating and upped their price objective for the stock from $29.50 to $31.00 in a research note on Friday, February 27th. Huber Research lowered Warner Bros. Discovery from a "strong-buy" rating to a "strong sell" rating in a research note on Friday, February 27th. Moffett Nathanson upgraded Warner Bros. Discovery from a "hold" rating to a "strong-buy" rating in a research note on Sunday, March 8th. Finally, Argus reduced their price objective on Warner Bros. Discovery from $32.00 to $31.00 and set a "buy" rating for the company in a research note on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Warner Bros. Discovery currently has a consensus rating of "Hold" and a consensus target price of $26.30.

Warner Bros. Discovery Trading Up 0.3%

Shares of WBD stock opened at $27.47 on Friday. Warner Bros. Discovery, Inc. has a 52-week low of $7.75 and a 52-week high of $30.00. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.06 and a current ratio of 1.06. The firm has a market capitalization of $68.12 billion, a PE ratio of 94.73 and a beta of 1.63. The stock has a fifty day simple moving average of $27.77 and a two-hundred day simple moving average of $25.86.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last issued its quarterly 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 return on equity of 1.98% and a net margin of 1.95%.The business had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.33 billion. During the same quarter in the previous year, the company posted ($0.20) EPS. The company's quarterly revenue was down 5.7% on a year-over-year basis. On average, analysts predict that Warner Bros. Discovery, Inc. will post -4.33 EPS 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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