SCHEDULE: Vanguard Boosts Warner Bros Discovery Stake to 11.35%

The Vanguard Group has reported an 11.35% beneficial ownership stake in Warner Bros Discovery Inc., holding 281.2 million shares as of September 30, 2025.

Summary

• The Vanguard Group, an investment adviser, has filed an Amendment No. 16 to its Schedule 13G for Warner Bros Discovery Inc.
• As of September 30, 2025, Vanguard beneficially owns 281,212,937 shares of Warner Bros Discovery's Common Stock.
• This represents 11.35% of the class of securities.
• Vanguard holds sole dispositive power over 258,003,216 shares and shared dispositive power over 23,209,721 shares.
• Shared voting power is held over 14,446,722 shares, with no sole voting power.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of beneficial ownership by a large institutional investor and does not inherently convey positive or negative sentiment about the issuer's performance or prospects. It is a factual report of a holding.

Positives

• The filing indicates continued significant institutional investment in Warner Bros Discovery by a major asset manager, The Vanguard Group.
• Vanguard's certification states the holdings are for ordinary course of business, implying a passive investment strategy rather than an activist one.

Negatives

• No specific negative information is contained within this beneficial ownership report.

Risks

• The filing itself does not detail specific risks related to Warner Bros Discovery's operations or financial health, as it is a disclosure of beneficial ownership.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding Warner Bros Discovery's future performance or outlook.

Industry Context

The filing reflects a major institutional investor's continued significant stake in a prominent global media and entertainment company. Large passive investments by firms like Vanguard are common across various industries, indicating a belief in the long-term value of the underlying assets.

Stakeholder Impact

• Shareholders: The significant stake held by Vanguard provides a degree of stability and institutional backing for Warner Bros Discovery's stock.
• Company Management: Awareness of a large, passive institutional holder like Vanguard can influence corporate governance considerations, though Vanguard explicitly states it does not seek to influence control.

Key Dates

Keywords

Warner Bros Discovery, Vanguard Group, WBD, Schedule 13G, Beneficial Ownership, Institutional Investor, Common Stock, Media, Entertainment