Warner Bros (WBD)

• Market cap: $20.4B
• 1 day: 4.78%
• 5 days: 0.60%
• 1 month: -24.07%
• 3 months: -18.97%
• 6 months: 13.64%
• Year to date: -21.86%
• 1 year: -1.30%
• 5 years: -66.38%
• 10 years: -66.38%
• 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 2024 Q4 regulatory disclosures by fund managers ($100M+ AUM)

51% more first-time investments, than exits

New positions opened: 190 | Existing positions closed: 126

50% more funds holding in top 10

Funds holding in top 10: 14 [Q3] → 21 (+7) [Q4]

38% more capital invested

Capital invested by funds: $12.2B [Q3] → $16.9B (+$4.68B) [Q4]

4.65% more ownership

Funds ownership: 60.35% [Q3] → 65.0% (+4.65%) [Q4]

3% more funds holding

Funds holding: 1,127 [Q3] → 1,166 (+39) [Q4]

2% more call options, than puts

Call options by funds: $480M | Put options by funds: $469M

32% less repeat investments, than reductions

Existing positions increased: 321 | Existing positions reduced: 474

Research analyst outlook

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

• Low target: $7 16% downside
• Avg. target: $13 56% upside
• High target: $18 116% upside

8 analyst ratings

• positive: 5 63%
• neutral: 3 38%
• negative: 0 0%

Wells Fargo Steven Cahall 56% 1-year accuracy 19 / 34 met price target	8% upside $9	Equal-Weight Maintained	17 Apr 2025
Keybanc Brandon Nispel 38% 1-year accuracy 8 / 21 met price target	56% upside $13	Overweight Maintained	14 Apr 2025
Barclays Kannan Venkateshwar 74% 1-year accuracy 17 / 23 met price target	16% downside $7	Equal-Weight Maintained	8 Apr 2025
Raymond James Ric Prentiss 46% 1-year accuracy 6 / 13 met price target	56% upside $13	Outperform Maintained	4 Apr 2025
Rosenblatt Barton Crockett 29% 1-year accuracy 18 / 62 met price target	56% upside $13	Neutral Maintained	7 Mar 2025