Warner Bros. Discovery, Inc. $WBD Shares Sold by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada cut its stake in Warner Bros. Discovery by 94.0% in Q4, selling 255,182 shares and leaving 16,420 shares worth about $473,000.
• Shareholders approved the proposed merger with Paramount Skydance — an expected $81B transaction that could drive a takeover premium — but the deal faces protests, regulatory scrutiny and reported competitive interference that could complicate closing.
• Company insiders have been net sellers recently, disposing of 8,206,827 shares worth roughly $230,674,025 in the past three months, including large sales by Bruce Campbell and director Fazal F. Merchant.

TD Waterhouse Canada Inc. reduced its stake in Warner Bros. Discovery, Inc. (NASDAQ:WBD - Free Report) by 94.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 16,420 shares of the company's stock after selling 255,182 shares during the quarter. TD Waterhouse Canada Inc.'s holdings in Warner Bros. Discovery were worth $473,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in WBD. Concord Wealth Partners lifted its holdings in shares of Warner Bros. Discovery by 49.9% in the 3rd quarter. Concord Wealth Partners now owns 1,321 shares of the company's stock worth $26,000 after acquiring an additional 440 shares during the last quarter. Physician Wealth Advisors Inc. lifted its holdings in shares of Warner Bros. Discovery by 152.1% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 1,404 shares of the company's stock worth $27,000 after acquiring an additional 847 shares during the last quarter. JPL Wealth Management LLC acquired a new position in shares of Warner Bros. Discovery in the 3rd quarter worth approximately $33,000. Crews Bank & Trust lifted its holdings in shares of Warner Bros. Discovery by 1,242.2% in the 3rd quarter. Crews Bank & Trust now owns 1,718 shares of the company's stock worth $34,000 after acquiring an additional 1,590 shares during the last quarter. Finally, TOWER TRUST & INVESTMENT Co lifted its holdings in shares of Warner Bros. Discovery by 4,730.8% in the 4th quarter. TOWER TRUST & INVESTMENT Co now owns 1,256 shares of the company's stock worth $36,000 after acquiring an additional 1,230 shares during the last quarter. 59.95% of the stock is currently owned by institutional investors and hedge funds.

Warner Bros. Discovery Price Performance

Shares of WBD opened at $27.07 on Friday. Warner Bros. Discovery, Inc. has a twelve month low of $8.06 and a twelve month high of $30.00. The firm's fifty day simple moving average is $27.71 and its 200-day simple moving average is $26.15. The firm has a market capitalization of $67.13 billion, a price-to-earnings ratio of 93.35 and a beta of 1.63. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.87.

Warner Bros. Discovery (NASDAQ:WBD - Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.10) earnings per share 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 quarter in the previous year, the business posted ($0.20) earnings per share. Warner Bros. Discovery's revenue for the quarter was down 5.7% compared to the same quarter last year. Equities analysts forecast that Warner Bros. Discovery, Inc. will post -0.1 EPS for the current fiscal year.

Warner Bros. Discovery News Roundup

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

Analyst Upgrades and Downgrades

Several brokerages have recently commented on WBD. UBS Group upped their price objective on shares of Warner Bros. Discovery from $20.00 to $30.00 and gave the stock a "neutral" rating in a report on Wednesday, January 28th. TD Cowen upped their price objective on shares of Warner Bros. Discovery from $22.00 to $26.00 and gave the stock a "hold" rating in a report on Friday, February 27th. Wells Fargo & Company began coverage on shares of Warner Bros. Discovery in a report on Monday, March 9th. They issued an "equal weight" rating and a $31.00 price objective on the stock. Weiss Ratings upgraded shares of Warner Bros. Discovery from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, February 23rd. Finally, Raymond James Financial reiterated an "underperform" rating on shares of Warner Bros. Discovery in a report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $26.30.

Insiders Place Their Bets

In other news, insider Bruce Campbell sold 41,784 shares of the firm's stock in a transaction 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 sale, the insider directly owned 604,666 shares in the company, valued at approximately $16,821,808.12. This trade represents a 6.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Fazal F. Merchant sold 35,000 shares of the firm's stock in a transaction on Monday, March 16th. The shares were sold at an average price of $27.48, for a total transaction of $961,800.00. Following the completion of the sale, the director owned 95,539 shares in the company, valued at $2,625,411.72. The trade was a 26.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 8,206,827 shares of company stock worth $230,674,025. 1.90% of the stock is currently owned by insiders.

Warner Bros. Discovery 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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