What smart money is saying about Warner Bros Discovery
WBD
No fund has written a full thesis on Warner Bros Discovery in our archive, but 7 fund letters report a position in it, most recently Tributary Capital Management Equity Income Strategy in September 2026.
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Fund signal · last 12 months
7 lettersToo few moves on Warner Bros Discovery yet for a clear signal
−4
Net flow
0 buys · 0%4 sells · 4 full exits
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2025 and Q3 2026, 7 fund letters reported a position in Warner Bros Discovery, with 4 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 2 | 0 | 1 | 0 |
| Q2 2026 | 3 | 0 | 3 | 0 |
| Q1 2026 | 1 | 0 | 0 | 0 |
| Q4 2025 | 1 | 0 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 7 positions · 4 moves
- September 2026
“We also eliminated seven positions during the third quarter. Warner Bros. Discovery was eliminated as the risk/reward was diminished following a period of outperformance.”
Warner Bros Discovery - September 2026
“The top five winners for the quarter were Atom Computing Inc. (a legacy private position), Warner Bros Discovery Inc., Meta Platforms Inc., Indra Sistemas SA, and Bausch Health Cos Inc.”
Warner Bros Discovery - June 2026
“We eliminated the following position(s) during the period: • EOG Resources • Marathon Petroleum • Warner Bros Discovery”
Warner Bros Discovery - ExitedOakmark Select FundJune 2026
Listed in Oakmark Select Fund’s reported holdings.
Warner Bros Discovery - June 2026
“Adobe was eliminated on concerns about potential AI disruption and management turnover. Warner Bros. Discovery was eliminated due to its limited upside potential after Paramount Skydance agreed to acquire it.”
Warner Bros Discovery - March 2026
“We have high conviction in the positioning and the investments in the portfolio. Sometimes we see “value unlocks” like Warner Bros. Discovery. We held this name for several years with a thesis around the core media assets, but the value was not realized until the unlock occurred in the first quarter this year.”
Warner Bros Discovery - HoldsDiameterDecember 2025
“We were also long DigitalBridge in the fourth quarter, before its announced acquisition by Softbank, and had a winner in Warner Brothers.”
Warner Bros Discovery
Also mentioned · 7
These funds discuss Warner Bros Discovery as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedHotchkis & Wiley High Yield StrategySeptember 2026
“Within the Telecommunications sector, our largest underweight is in the Media Content industry, which is facing secular changes in how media content is consumed. We have no portfolio exposure to the large issuers, including film & television producers Paramount/Warner Brothers Discovery and satellite radio provider Sirius XM, both of which are facing secular declines.”
Warner Bros Discovery - June 2026
“Netflix Netflix was a detractor from returns during the quarter after the stock came under pressure despite reporting solid first quarter results in April. Revenue grew 16% year-over-year, or 14% excluding FX, and operating income rose 18%, supported by strong growth in APAC and Latin America. Second quarter revenue guidance came in roughly 1% below expectations and EBIT guidance was 5% light due to content amortization timing. Management maintained full-year guidance of 11% to 13% revenue growth (excluding FX) and approximately 20% profit growth rather than raising it, which disappointed some investors who had anticipated a lift following the recent price hike and the removal of the Warner Bros. Discovery deal overhang. With the Warner Bros. Discovery acquisition now behind it, management can refocus on the core business and deploy excess free cash flow toward AI investment and buybacks, including a new $25 billion authorization.”
20 more words on why: read Sustainable Growth Advisers U.S. Large Cap Growth Strategy’s full commentWarner Bros Discovery - MentionedNexPoint Merger Arbitrage FundJune 2026
“In the United Kingdom, the Competition and Markets Authority (“CMA”) continued to emphasize faster, more predictable, and more proportionate review. It conditionally approved the Getty Images–Shutterstock transaction, finding no material concerns in global stock imagery but requiring the divestiture of Shutterstock’s editorial content business to preserve competition for UK media customers (deal details discussed below). The remedy demonstrates the CMA’s continued willingness to impose substantial structural relief where a narrow but important market is affected. The CMA also consulted on revised guidance for evaluating rivalry-enhancing efficiencies under its “4Ps” initiative—pace, predictability, proportionality, and process—pointing to a more commercially grounded approach and a greater willingness to consider whether a transaction may reduce costs, support investment, or strengthen competition. Politically sensitive transactions, however, remain subject to review outside traditional antitrust analysis. For example, on June 30, the UK Culture Secretary indicated that she was weighing a public-interest intervention in Paramount Skydance’s proposed acquisition of Warner Bros. Discovery, underscoring the continued weight of media-plurality and national-interest considerations.”
Warner Bros Discovery - June 2026
“The company made headlines as it tried to acquire Warner Bros. from Warner Bros. Discovery before ultimately walking away from a bidding war for the company.”
Warner Bros Discovery - MentionedKingdom Capital AdvisorsMarch 2026
“• Exclusive distribution agreement with Paramount, which has significantly boosted earnings in the past year. I am optimistic Paramount’s recent buyout offer for Warner Brothers (WBD) will result in Alliance securing an even larger catalogue, which could push EBITDA closer to $100m run-rate.”
Warner Bros Discovery - MentionedNexPoint Event Driven FundDecember 2025
“As mentioned last quarter, Paramount Skydance, the newly combined Paramount Global–Skydance Media (PSKY) entity, emerged as a potential acquirer of Warner Bros. Discovery (WBD). In October, WBD’s board rejected a mostly-cash offer from PSKY (nearly $24/share) and said it would explore options that could include (i) a planned internal separation or (ii) a sale of the company or pieces of it. On December 5, 2025, Netflix announced a definitive agreement to acquire WBD’s Streaming & Studios division for $27.75 per share, representing an equity value of approximately $72 billion.”
Warner Bros Discovery - MentionedOrbis International EquityDecember 2025
“We also remain enthused by the opportunity in the entertainment space, with Canada’s IMAX being a key holding. The recent bidding war for Warner Bros Discovery between Paramount and Netflix highlights the immense value placed on scarce content and platforms for developing future high-value Intellectual Property (IP).”
Warner Bros Discovery
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