Warner Bros. Discovery, Inc. $WBD Shares Purchased by Vanguard Group Inc.

Key Points

• Vanguard Group increased its stake to 283,180,433 shares — about 11.43% of Warner Bros. Discovery — valued at roughly $8.16 billion after buying an additional 1.97 million shares in Q4.
• Shareholders approved the merger with Paramount Skydance, raising the likelihood the $81B deal will close, but rejection of CEO David Zaslav’s exit/pay package, public protests and reports of competitor interference pose regulatory, PR and integration risks.
• Corporate insiders sold over 8.2 million shares (~$230.7M) last quarter, and the company recently missed EPS estimates (reported ($0.10) vs. $0.09 expected) despite a slight revenue beat, contributing to near-term volatility.

Vanguard Group Inc. boosted its holdings in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 0.7% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 283,180,433 shares of the company's stock after buying an additional 1,966,278 shares during the period. Vanguard Group Inc. owned approximately 11.43% of Warner Bros. Discovery worth $8,161,260,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

A number of research analysts have commented on the company. Weiss Ratings upgraded Warner Bros. Discovery from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, February 23rd. Rothschild & Co Redburn set a $31.00 target price on Warner Bros. Discovery and gave the company a "neutral" rating in a research note on Tuesday, February 17th. Guggenheim reiterated a "buy" rating on shares of Warner Bros. Discovery in a report on Friday. Arete Research restated a "neutral" rating and issued a $31.25 price target on shares of Warner Bros. Discovery in a report on Friday, February 27th. Finally, KeyCorp reaffirmed an "overweight" 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 MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $26.30.

Warner Bros. Discovery Stock Performance

NASDAQ:WBD opened at $27.07 on Monday. The firm has a 50-day moving average of $27.71 and a two-hundred day moving average of $26.21. 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 stock 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 1-year low of $8.06 and a 1-year high of $30.00.

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 return on equity of 1.98% and a net margin of 1.95%.The business had revenue of $9.46 billion for the quarter, compared to analysts' expectations of $9.33 billion. During the same period in the previous year, the firm posted ($0.20) earnings per share. The firm's revenue was down 5.7% compared to the same quarter last year. On average, research analysts expect that Warner Bros. Discovery, Inc. will post -0.1 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Fazal F. Merchant sold 35,000 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $27.48, for a total transaction of $961,800.00. Following the completion of the transaction, the director directly owned 95,539 shares in the company, valued at approximately $2,625,411.72. This represents a 26.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Gunnar Wiedenfels sold 374,323 shares of the firm's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $28.05, for a total transaction of $10,499,760.15. Following the sale, the chief financial officer directly owned 663,380 shares of the company's stock, valued at $18,607,809. The trade was a 36.07% 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 over the last quarter. Corporate insiders own 1.80% 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

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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