Warner Bros (WBD)

• Market cap: $32.5B
• 1 day: -4.23%
• 5 days: 1.71%
• 1 month: 14.49%
• 3 months: 49.60%
• 6 months: 25.79%
• Year to date: 23.08%
• 1 year: 55.82%
• 5 years: -48.55%
• 10 years: -48.55%
• Sector: Communication Services
• Industry: Entertainment

About: Warner Bros. Discovery was formed in 2022 through the combination of WarnerMedia and Discovery Communications. It operates in three global business segments: studios, networks, and direct-to-consumer. Warner Bros. Pictures is the crown jewel of the studios business, producing, distributing, and licensing movies and television shows. The networks business consists of basic cable networks, such as CNN, TNT, TBS, Discovery, HGTV, and the Food Network. Direct-to-consumer includes HBO and the firm's streaming platforms, which have now been consolidated to Max and Discovery+. Much of the DTC content is created within the firm's other two business segments. Each segment operates with a global reach, with Max available in over 70 countries.

Employees: 35,000

Fund manager confidence

Based on 2025 Q1 regulatory disclosures by fund managers ($100M+ AUM)

35% more funds holding in top 10

Funds holding in top 10: 20 [Q4 2024] → 27 (+7) [Q1 2025]

1.65% more ownership

Funds ownership: 65.02% [Q4 2024] → 66.67% (+1.65%) [Q1 2025]

4% more capital invested

Capital invested by funds: $16.9B [Q4 2024] → $17.5B (+$644M) [Q1 2025]

0% more repeat investments, than reductions

Existing positions increased: 403 | Existing positions reduced: 401

2% less first-time investments, than exits

New positions opened: 112 | Existing positions closed: 114

7% less call options, than puts

Call options by funds: $444M | Put options by funds: $480M

3% less funds holding

Funds holding: 1,177 [Q4 2024] → 1,144 (-33) [Q1 2025]

Research analyst outlook

8 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $10 24% downside
• Avg. target: $13.50 3% upside
• High target: $18 37% upside

8 analyst ratings

• positive: 4 50%
• neutral: 4 50%
• negative: 0 0%

Benchmark Matthew Harrigan	37% upside $18	Buy Reiterated	14 Jul 2025
Barclays Kannan Venkateshwar	1% downside $13	Equal-Weight Maintained	9 Jul 2025
UBS John Hodulik	24% downside $10	Neutral Maintained	8 Jul 2025
Wells Fargo Steven Cahall	16% downside $11	Equal-Weight Maintained	2 Jul 2025
B of A Securities Jessica Reif Cohen	22% upside $16	Buy Maintained	1 Jul 2025