Warner Bros. Discovery, Inc.

WBD • NASDAQ

Warner Bros. Discovery, Inc. is a entertainment company in the communication services sector on NASDAQ, led by David Zaslav, with a market cap of $70.6B. As of Q3 2025, 69% of shares are held by 1,108 institutional investors, with VANGUARD GROUP INC as the largest holder at 11.36%.

CEODavid Zaslav

Market Cap$70.6B

Entertainment

Communication Services

Employees35.3K

Websitewbd.com

Country

United States of America

Overview

Overview of institutional ownership in WBD as of Q3 2025 with a market cap of $48.4B

All Institutions

Institutions: 1,108
Value Held: $33.2B
Shares Held: 1.70B
Avg Position: $30.0M
Median Position: $481.1K

Hedge Funds

Hedge Funds: 84
Value Held: $3.8B
Shares Held: 193.3M
Avg Position: $44.9M
Median Position: $4.0M

Ownership Breakdown

Institutional (non-HF)

60.86%

$29.4B

Hedge Funds

7.81%

$3.8B

Retail & Other

31.33%

$15.1B

Based on market cap of $48.4B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in WBD as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$5.5B 0.08% of portfolio	11.36% 281.2M shares	≤ Q2 2013 Held for 12y 6m+	$6.69T
BlackRock, Inc. Institution	Laurence D. Fink CEO	$3.6B 0.06% of portfolio	7.46% 184.6M shares	≤ Q2 2013 Held for 12y 6m+	$5.67T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$3.1B 0.11% of portfolio	6.40% 158.3M shares	≤ Q2 2013 Held for 12y 6m+	$2.88T
HARRIS ASSOCIATES L P Long Only Manager	David Gregory Herro Chairman	$1.9B 3.00% of portfolio	3.88% 96.0M shares	Q3 2022 Held for 3y 3m	$62.4B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$1.3B 0.08% of portfolio	2.65% 65.6M shares	≤ Q2 2013 Held for 12y 6m+	$1.57T
Sessa Capital IM, L.P. Hedge Fund•Long/Short	Jae Hong President	$988.7M 25.15% of portfolio	2.04% 50.6M shares	Q1 2022 Held for 3y 9m	$3.9B
FMR LLC Institution	-	$805.0M 0.04% of portfolio	1.66% 41.2M shares	≤ Q2 2013 Held for 12y 6m+	$1.92T
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$697.6M 0.11% of portfolio	1.44% 35.7M shares	≤ Q2 2013 Held for 12y 6m+	$633.08B
J Jericho Capital Asset Management L.P. Hedge Fund•Long/Short	Emer O'Hanlon CFO	$685.4M 7.13% of portfolio	1.42% 35.1M shares	Q3 2024 Held for 1y 3m	$9.6B
Pentwater Capital Management LP Hedge Fund•Event Driven	Matthew Charles Halbower CEO	$528.5M 5.00% of portfolio	1.09% 27.1M shares	Q3 2025 Held for 3 months	$10.6B

Net Capital Flow

Institutional buying and selling activity for WBD in Q3 2025

Traded: +$1.1B
Buyers: 523
Sellers: 533
Total Bought: +$4.7B
Total Sold: −$3.6B
Avg Position: $26.5M

Biggest Buyers

Institution	Net Bought	Current Position
Pentwater Capital Management LP Hedge Fund•Event Driven	+$528.5M +27.1M shares	$528.5M 27.1M shares
FMR LLC Institution	+$446.3M +22.9M shares	$805.0M 41.2M shares
P Pacer Advisors, Inc. Institution	+$435.7M +22.3M shares	$445.1M 22.8M shares
VANGUARD GROUP INC Institution	+$365.9M +18.7M shares	$5.5B 281.2M shares
J Jericho Capital Asset Management L.P. Hedge Fund•Long/Short	+$357.2M +18.3M shares	$685.4M 35.1M shares
BlackRock, Inc. Institution	+$205.7M +10.5M shares	$3.6B 184.6M shares
A Allianz Asset Management AG Institution	+$114.7M +5.9M shares	$182.2M 9.3M shares
N Neuberger Berman Group LLC Institution	+$114.0M +5.8M shares	$153.4M 7.9M shares
A Amundi Institution	+$110.6M +5.8M shares	$296.2M 15.5M shares
X XN LP Hedge Fund•Long/Short	+$109.7M +5.6M shares	$109.7M 5.6M shares

Biggest Sellers

Institution	Net Sold	Current Position
EdgePoint Investment Group Inc. Long Only Manager	−$256.9M −22.4M shares	Sold Off 0 shares
HARRIS ASSOCIATES L P Long Only Manager	−$253.2M −13.0M shares	$1.9B 96.0M shares
BARCLAYS PLC Institution	−$218.4M −11.2M shares	$221.2M 11.3M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$187.0M −9.6M shares	$124.8M 6.4M shares
Slate Path Capital LP Hedge Fund•Long/Short	−$186.0M −9.5M shares	$230.5M 11.8M shares
Invesco Ltd. ETF Provider	−$172.9M −8.9M shares	$697.6M 35.7M shares
N Nuveen, LLC Institution	−$150.6M −7.7M shares	$142.0M 7.3M shares
A Apollo Management Holdings, L.P. Institution	−$93.5M −8.2M shares	Sold Off 0 shares
B BNP PARIBAS ARBITRAGE, SA Institution	−$91.4M −4.7M shares	$151.5M 7.8M shares
SOUND SHORE MANAGEMENT INC /CT/ Long Only Manager	−$82.2M −4.2M shares	$84.8M 4.3M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited WBD in Q3 2025

New Positions: 64
New Value: $272.7M
Exited Positions: 142
Exited Value: $758.2M

New Positions

Institution	Position Value
X XN LP Hedge Fund•Long/Short	$109.7M 5.6M shares
Kinetic Partners Management, LP Hedge Fund•Long/Short	$45.2M 2.3M shares
Governors Lane LP Hedge Fund•Event Driven	$20.5M 1.1M shares
Benchstone Capital Management LP Hedge Fund•Long/Short	$20.1M 1.0M shares
Greenwich Wealth Management LLC RIA/Wealth	$19.6M 1.0M shares
TIG Advisors, LLC Hedge Fund•Multi-Strategy	$16.6M 848.5K shares
C CAXTON ASSOCIATES LLP Institution	$4.0M 203.5K shares
P SCHOENFELD ASSET MANAGEMENT LP Hedge Fund•Event Driven	$3.3M 166.9K shares
C Catalyst Funds Management Pty Ltd Institution	$3.1M 160.5K shares
Slotnik Capital, LLC Hedge Fund•Event Driven	$3.1M 160.0K shares

Exited Positions

Institution	Previous Position
EdgePoint Investment Group Inc. Long Only Manager	$256.9M 22.4M shares
A Apollo Management Holdings, L.P. Institution	$93.5M 8.2M shares
M MAVERICK CAPITAL LTD Hedge Fund•Long/Short	$77.9M 6.8M shares
D Duquesne Family Office LLC Institution	$74.9M 6.5M shares
GOLDENTREE ASSET MANAGEMENT LP Hedge Fund•Distressed	$26.7M 2.3M shares
L Long Focus Capital Management, LLC Hedge Fund•Global Macro	$20.2M 1.8M shares
L La Banque Postale Asset Management SA Institution	$18.4M 1.6M shares
Oribel Capital Management, LP Hedge Fund•Long/Short	$13.1M 1.1M shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	$12.5M 1.1M shares
R Rokos Capital Management LLP Hedge Fund•Global Macro	$11.5M 1.0M shares

Options Activity

Institutions with the largest Call and Put options positions in WBD as of Q3 2025

Call Positions: 69
Call Value: $1.3B
Put Positions: 54
Put Value: $1.1B

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$234.2M 119.9K contracts
J JANE STREET GROUP, LLC Institution	$120.3M 61.6K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$80.7M 41.3K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$74.9M 38.4K contracts
Compass Rose Asset Management, LP Hedge Fund•Credit Arb	$71.8M 36.8K contracts
GOLDMAN SACHS GROUP INC Institution	$61.0M 31.2K contracts
BANK OF AMERICA CORP /DE/ Institution	$60.8M 31.1K contracts
D D. E. Shaw & Co., Inc. Institution	$57.3M 29.3K contracts
Verition Fund Management LLC Hedge Fund•Multi-Strategy	$43.9M 22.5K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$36.2M 18.5K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$268.3M 137.4K contracts
J JANE STREET GROUP, LLC Institution	$80.2M 41.0K contracts
C CREDIT AGRICOLE S A Institution	$62.5M 32.0K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$57.4M 29.4K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$56.2M 28.8K contracts
CITIGROUP INC Institution	$52.0M 26.6K contracts
Verition Fund Management LLC Hedge Fund•Multi-Strategy	$47.8M 24.5K contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$42.5M 21.8K contracts
BANK OF AMERICA CORP /DE/ Institution	$39.8M 20.4K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$38.8M 19.9K contracts

Most Committed Institutions

Institutions with WBD as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
H Hauser Brothers GmbH Institution	-	45.29% $56.2M	0.12% 2.9M shares	Q1 2024 Held for 1y 9m	$124.1M
Sessa Capital IM, L.P. Hedge Fund•Long/Short	Jae Hong President	25.15% $988.7M	2.04% 50.6M shares	Q1 2022 Held for 3y 9m	$3.9B
M MEDIATEL PARTNERS Institution	-	14.33% $4.4M	0.01% 226.3K shares	Q2 2022 Held for 3y 6m	$30.8M
Compass Rose Asset Management, LP Hedge Fund•Credit Arb	Brian Peter Riano CEO	11.81% $10.7M	0.02% 550.0K shares	Q1 2024 Held for 1y 9m	$91.0M
Credit Capital Investments LLC Hedge Fund•Credit Arb	Varkki Pullolickal Chacko Managing Partner	11.01% $9.9M	0.02% 504.7K shares	Q4 2021 Held for 4 years	$89.5M
C Contrarius Group Holdings Ltd Institution	-	10.44% $230.5M	0.48% 11.8M shares	Q4 2024 Held for 1 year	$2.2B
TERRIL BROTHERS, INC. RIA/Wealth	John Joseph Terril President	8.34% $27.5M	0.06% 1.4M shares	Q2 2022 Held for 3y 6m	$329.5M
H Harbor Island Capital LLC RIA/Wealth	Paul David Fortin Owner	8.20% $19.2M	0.04% 981.4K shares	Q2 2022 Held for 3y 6m	$233.7M
J Jericho Capital Asset Management L.P. Hedge Fund•Long/Short	Emer O'Hanlon CFO	7.13% $685.4M	1.42% 35.1M shares	Q3 2024 Held for 1y 3m	$9.6B
TREMBLANT CAPITAL GROUP Institution	Brett Edward Bruce Barakett CEO	6.19% $59.3M	0.12% 3.0M shares	Q1 2025 Held for 9 months	$958.1M