News Summary
NegativeWBD's Q2 2026 earnings significantly missed expectations (revenue $8.72B vs. $9.21B consensus, -12% YoY), driven by losses in linear TV, advertising, and NBA rights despite streaming segment strength. The Paramount Skydance merger (~$111B) cleared regulatory hurdles and is expected to close October 6, 2026, as 'Skydance,' but the process created extended uncertainty that triggered multiple analyst downgrades amid weak theatrical performance.
Red flags
- •Revenue missed consensus by ~$490M (5%); total revenue declined 12% YoY ex-FX
- •Net income collapsed 91% YoY ($149M vs. $1.58B); EPS down from $0.63 to $0.06
- •Advertising revenue declined 22% ex-FX; loss of NBA broadcasting rights as ongoing headwind
- •Linear TV audience declining domestically; theatrical box office weakness ('Supergirl' underperformance noted)
- •Two analyst downgrades: Seaport (Buy→Neutral) and Argus (Hold→Sell) citing merger risks and weak fundamentals
- •Extended merger uncertainty through June 2027 suspension threat, state AG litigation, and integration execution risk ahead
Funds Buying (4)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | % of Fund | QoQ | Status |
|---|---|---|---|---|---|---|---|
| Third Point | Dan Loeb | 20.0M | +20.0M | $533M | 11.5% | — | NEW |
| Greenlight Capital | David Einhorn | 2.2M | +2.2M | $60M | 1.5% | — | NEW |
| Soros Fund Management | Soros Family Office | 1.5M | +396K | $40M | 0.5% | +36% | Existing |
| Point72 | Steve Cohen | 925K | +439K | $25M | <0.1% | +90% | Existing |
Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter. % of Fund is the position's share of the fund's reported equity portfolio — it drives the size weighting in the conviction score.
Portfolio Context
Where WBD ranks in each buying fund's book, and the positions immediately around it. What a holding sits next to often says more about the thesis than the position size does.
position #1 of this fund's book
- 1WARNER BROS DISCOVERY INC$533M
- 2AMAZON COM INC$417M
- 3ALPHABET INC$366M
- 4CRH PLC$235M
position #25 of this fund's book
- 22DAUCH CORP$67M
- 23PAYPAL HLDGS INC$62M
- 24SCHEIN HENRY INC$60M
- 25WARNER BROS DISCOVERY INC$60M
- 26LIBERTY GLOBAL LTD$56M
- 27ANTERO RESOURCES CORP$55M
- 28STUBHUB HLDGS INC$54M
Values are quarter-end position sizes. Shown only for funds where WBD ranks inside their 40 largest equity positions — below that, neighbouring names carry no signal. Adjacency is an inference about a fund's reasoning, not a disclosure of it.
Insider Activity
| Name | Title | Type | Shares | Price | Value | Filed | Src |
|---|---|---|---|---|---|---|---|
| Locke Lori C. | Chief Accounting Officer | SELL | 29K | $28.13 | $0.82M | 2026-09-14 | ↗ |
| FISHER RICHARD W | — | SELL | 7K | $28.06 | $0.19M | 2026-09-11 | ↗ |
| LOWE KENNETH W | — | SELL | 200K | $28.23 | $5.65M | 2026-09-10 | ↗ |
| Girdwood Amy | Chief People & Culture Officer | SELL | 262K | $27.98 | $7.34M | 2026-09-09 | ↗ |
| LEVY ANTON J | — | SELL | 340K | $28.39 | $9.65M | 2026-09-03 | ↗ |
| LOWE KENNETH W | — | SELL | 200K | $28.35 | $5.67M | 2026-09-03 | ↗ |
| Perrette Jean-Briac | Pres.&CEO, Global Streaming | SELL | 127K | $28.96 | $3.67M | 2026-08-27 | ↗ |
| Zaslav David | Chief Executive Officer & Pres | SELL | 195K | $28.02 | $5.46M | 2026-08-14 | ↗ |
| Merchant Fazal F | — | SELL | 72K | $27.75 | $1.99M | 2026-08-13 | ↗ |
| Zaslav David | Chief Executive Officer & Pres | SELL | 95K | $28.00 | $2.66M | 2026-08-13 | ↗ |
| Zaslav David | Chief Executive Officer & Pres | SELL | 678K | $28.01 | $19.00M | 2026-08-13 | ↗ |
| FISHER RICHARD W | — | SELL | 20K | $27.46 | $0.55M | 2026-08-12 | ↗ |
| LOWE KENNETH W | — | SELL | 120K | $26.97 | $3.24M | 2026-08-11 | ↗ |
| Zeiler Gerhard | President, International | SELL | 202K | $27.07 | $5.46M | 2026-08-10 | ↗ |
| Zeiler Gerhard | President, International | SELL | 93K | $27.02 | $2.50M | 2026-08-10 | ↗ |
| Zeiler Gerhard | President, International | SELL | 197K | $27.04 | $5.32M | 2026-08-10 | ↗ |
| Zeiler Gerhard | President, International | SELL | 100K | $27.06 | $2.71M | 2026-08-10 | ↗ |
| Zaslav David | Chief Executive Officer & Pres | SELL | 2.1M | $27.22 | $56.89M | 2026-07-13 | ↗ |
| Zaslav David | Chief Executive Officer & Pres | SELL | 95K | $27.22 | $2.58M | 2026-07-13 | ↗ |
| Zaslav David | Chief Executive Officer & Pres | SELL | 153 | $7.55 | $0.00M | 2024-08-22 | ↗ |
Beneficial Ownership (13D/13G)
| Filer | Form | Shares | % of Class | Filed | Src |
|---|---|---|---|---|---|
| Vanguard Capital Management | SC 13G | 181.1M | 7.2% | 2026-04-30 | ↗ |
SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.
Congressional Trading
| Member | Chamber | State | Type | Amount Range | Transaction Date | Filed | Src |
|---|---|---|---|---|---|---|---|
| Alan Armstrong | senate | — | BUY | $1,001 - $15,000 | 2026-03-27 | 2026-07-21 | ↗ |
Periodic Transaction Reports filed under the STOCK Act. Amounts are disclosed as ranges, not exact dollar figures.