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WAVEMAN · COMPANY
WBD · Warner Bros. Discovery, Inc.
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TEAM-2.62% 13F +440META+1.00% 13F +2,694RCG+0.35% CLUSTERUTHR-0.54% 13F +425CRWV+5.68% 13F +694CRM-1.97% 13F +1,019CVNA+1.58% 13F +795TPL-1.11% 13F +444NET-1.96% 13F +711MSTR-1.39% 13F +527DELL+1.50% 13F +1,204CRWD-0.87% 13F +1,383ANET+1.22% 13F +1,324COIN-4.18% 13F +475TEAM-2.62% 13F +440META+1.00% 13F +2,694RCG+0.35% CLUSTERUTHR-0.54% 13F +425CRWV+5.68% 13F +694CRM-1.97% 13F +1,019CVNA+1.58% 13F +795TPL-1.11% 13F +444NET-1.96% 13F +711MSTR-1.39% 13F +527DELL+1.50% 13F +1,204CRWD-0.87% 13F +1,383ANET+1.22% 13F +1,324COIN-4.18% 13F +475
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WBD

Warner Bros. Discovery, Inc.
TELECOM · CABLE & OTHER PAY TELEVISION SERVICES · CIK 0001437107
CONGRESS · 1FORM 144 · 10☆ WATCH
INSIDER NET · 180D
-$155.9M
open-market buys minus sells, Form 4 codes P and S
INSIDER BUYERS · 180D
0
CONGRESS BUYERS · 1Y
1
FUNDS ADDED · QTR
626
13F, latest reported quarter
REVENUE GROWTH
-5.1%
XBRL, annual
NET MARGIN
1.9%
CONVERSIONS · 180D
7
codes C/M, not in net · $36.7M priced
SEVEN FACTS, RANKED AGAINST THE SECTOR · RANK IS NOT A FORECAST
INSIDERS
net -$155.9M over 180 days
-$117.7M over 90 days
below 98% of Telecom
CONGRESS
1 member bought in the last year
the lowest in Telecom
FUNDS
626 funds added or opened last quarter
more than 94% of Telecom
REVENUE
-5.1% year over year
below 68% of Telecom
MARGIN
1.9% net margin
more than 64% of Telecom
BUYBACKS
no share repurchases reported
SHORT
no short interest reported
THE SITUATION · EVERY LINE IS ONE RULE OVER ONE DATASET
Insiders are net sellers: -$155.9M across 8 people in 180 days.
626 funds added or opened positions in the latest 13F quarter, of 1,318 holders.
1 member of Congress reported buying it this year.
The year, with the filings on it
Total return indexed to 100 over the last 12 months · every marker is a federal filing, placed at its date — hover any marker for the detail
TOTAL 12M RETURN +143.1%
+143.1%12M
+0%+53%+105%+158%2025-092025-102025-122026-032026-052026-072026-09 2026-03-03 · Zaslav David sold $113.2M2026-07-13 · Zaslav David sold $56.9M2026-03-04 · Campbell Bruce sold $23.1M2026-08-13 · Zaslav David sold $19.0M2026-03-16 · Perrette Jean-Briac sold $18.1M2026-03-03 · Wiedenfels Gunnar sold $17.4M2026-03-04 · Zeiler Gerhard sold $16.8M2026-03-16 · GOULD PAUL A sold $16.4M2026-03-04 · Campbell Bruce sold $8.0M2026-03-03 · Aiyar Priya sold $6.3M2026-09-03 · LOWE KENNETH W sold $5.7M2026-08-14 · Zaslav David sold $5.5M2026-08-10 · Zeiler Gerhard sold $5.5M2026-08-10 · Zeiler Gerhard sold $5.3M2026-03-04 · Campbell Bruce sold $5.1M2025-10-31 · Wiedenfels Gunnar sold $5.0M2025-12-10 · Wiedenfels Gunnar sold $4.4M2025-09-15 · Wiedenfels Gunnar sold $4.3M2026-03-04 · Campbell Bruce sold $3.9M2026-03-04 · Wiedenfels Gunnar sold $3.7M2026-03-04 · Campbell Bruce sold $3.7M2026-08-27 · Perrette Jean-Briac sold $3.7M2026-03-04 · Wiedenfels Gunnar sold $3.5M2025-09-15 · Wiedenfels Gunnar sold $3.5M2026-08-11 · LOWE KENNETH W sold $3.2M2025-12-10 · Wiedenfels Gunnar sold $2.7M2026-08-10 · Zeiler Gerhard sold $2.7M2025-09-12 · Campbell Bruce sold $2.7M2026-08-13 · Zaslav David sold $2.7M2026-07-13 · Zaslav David sold $2.6M2026-03-04 · Wiedenfels Gunnar sold $2.6M2025-09-15 · Wiedenfels Gunnar sold $2.6M2026-08-10 · Zeiler Gerhard sold $2.5M2025-09-11 · Campbell Bruce sold $2.4M2025-09-11 · Campbell Bruce sold $2.4M2026-03-10 · Aiyar Priya sold $2.2M2026-03-03 · Girdwood Amy sold $2.1M2026-08-13 · Merchant Fazal F sold $2.0M2026-03-04 · Campbell Bruce sold $1.5M2026-03-09 · Campbell Bruce sold $1.2M2026-03-16 · Merchant Fazal F sold $961.8K2026-03-04 · Wiedenfels Gunnar sold $790.7K2026-09-03 · LEVY ANTON J filed to sell $9.7M2026-09-03 · LOWE KENNETH W filed to sell $5.7M2026-08-27 · Jean-Briac Perrette filed to sell $16.1M2026-08-14 · Zaslav David filed to sell $5.5M2026-08-13 · Merchant Fazal F filed to sell $2.0M2026-08-13 · Zaslav David filed to sell $21.7M2026-08-12 · FISHER RICHARD W filed to sell $549.2K2026-08-11 · LOWE KENNETH W filed to sell $3.2M2026-08-10 · Zeiler Gerhard filed to sell $16.0M2026-07-13 · Zaslav David filed to sell $59.5M
INSIDER SELLFORM 144
INDEXED RETURN, DIVIDEND-ADJUSTED — NOT A PRICE CHART · LARGE TRADES DRAWN FIRST WHEN A NAME FILES HEAVILY
Live price
Daily candles from TradingView, on their licence — no filings are marked on this one
WHY THIS NAME IS ON THE DESK
Insiders have filed to sell — before selling.
The record shows a net $155.9M sold by insiders over 180 days, 626 funds added last quarter, 1 Congress member(s) bought in 12 months, $139.7M in planned Form 144 sales. Every figure is a federal filing, dated the day it became public.
Backtest this pattern Open the screener
Same sector, ranked by filing activity
Sector from the SEC's own SIC classification
TMUSROKUCXDONXSTCCOISHENSPOKGSATMDIAATEXSPIRTSQ
Insider transactions
Form 4 purchases and sales (codes P and S) — grants, option exercises and preferred conversions excluded

Over the last 180 days, Warner Bros. Discovery, Inc. insiders sold a net $155.9M of stock across 91 Form 4 purchases and sales, with 0 insider(s) buying. Source: SEC Form 4 filings, as of 2026-09-06.

INSIDER
FILED
SHARES
VALUE
LOWE KENNETH W
Director
SELL
2026-09-03
200,000.0
$5.7M
Perrette Jean-Briac
Pres.&CEO, Global Streaming
SELL
2026-08-27
126,707.0
$3.7M
Zaslav David
Chief Executive Officer & Pres
SELL
2026-08-14
194,999.0
$5.5M
Merchant Fazal F
Director
SELL
2026-08-13
71,539.0
$2.0M
Zaslav David
Chief Executive Officer & Pres
SELL
2026-08-13
94,906.0
$2.7M
91 TRANSACTIONS ON RECORD

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Institutional holders
13F · holdings as of the latest quarter funds have reported
BlackRock, Inc.
198,085,828.0 sh
$5.3B
VANGUARD CAPITAL MANAGEMENT LLC
158,635,529.0 sh
$4.2B
STATE STREET CORP
128,364,674.0 sh
$3.4B
VANGUARD PORTFOLIO MANAGEMENT LLC
105,102,281.0 sh
$2.8B
Invesco Ltd.
80,086,951.0 sh
$2.1B
SCHEDULE 13D/G
No 5%+ ownership filings
Nobody has crossed 5% with a filing obligation. Absence is a fact here, not missing data.
Planned sales · Form 144
Filed before the sale — intent, not a trade
LEVY ANTON J
FILED 2026-09-03
$9.7M
LOWE KENNETH W
FILED 2026-09-03
$5.7M
Jean-Briac Perrette
FILED 2026-08-27
$16.1M
Zaslav David
FILED 2026-08-14
$5.5M
Merchant Fazal F
FILED 2026-08-13
$2.0M
Fund concentration
N-PORT · funds ranked by how much of THEMSELVES they put in this stock — the conviction number 13F cannot show
Fidelity SAI Merger Arbitrage Fund
$44.6M POSITION · AS OF 2026-04-30
7.8%
Independent Franchise Partners US Equity Fund
$84.7M POSITION · AS OF 2026-03-31
5.5%
The Merger Fund
$129.4M POSITION · AS OF 2026-03-31
5.2%
State Street(R) Communication Services Select Sector SPDR(R) ETF
$1.1B POSITION · AS OF 2026-03-31
4.7%
ProShares Nasdaq-100 Dorsey Wright Momentum ETF
$505.6K POSITION · AS OF 2026-02-28
4.5%
Invesco S&P 500 Equal Weight Communication Services ETF
$2.9M POSITION · AS OF 2026-04-30
4.5%
SEC N-PORT, MONTHLY WITH A ~60-DAY PUBLIC LAG · FUNDS ≥ $10M · % = SHARE OF THE FUND'S OWN BOOK
Executive pay vs shareholder return · Mr. Zaslav
DEF 14A pay-versus-performance disclosure · both the headline pay and the SEC's mark-to-market figure, beside the return the company delivered and the return of the peer group it chose itself
FY
CEO TOTAL
ACTUALLY PAID
OTHER NEOs AVG
TSR
PEER TSR
2025
$165.0M
$636.1M
$21.4M
-4%
+128%
2024
$51.9M
$63.6M
$17.8M
-65%
+67%
2023
$49.7M
$64.7M
$17.2M
-62%
+18%
2022
$39.3M
-$40.9M
$12.9M
-68%
-29%
2021
$246.6M
$100.8M
$11.0M
-22%
+27%
TAGGED BY THE COMPANY UNDER SEC ITEM 402(v) · RETURN IS CUMULATIVE FROM THE START OF THE DISCLOSURE PERIOD · GREEN WHERE THE COMPANY BEAT ITS OWN PEER GROUP
Fundamentals
Annual figures from XBRL filings · pick a past date to see them exactly as the market knew them then — restatements and all
2025-122024-122023-122022-12
REVENUE$37.3B$39.3B$41.3B$33.8B
OPERATING INCOME$738.0M$-10.0B$-1.5B$-7.4B
NET INCOME$749.0M$-11.5B$-3.1B$-7.3B
EPS (DILUTED)0.29-4.62-1.28-3.82
OPERATING CASH FLOW$4.3B$5.4B$7.5B$4.3B
CASH$4.6B$5.3B$3.8B$3.7B
LONG-TERM DEBT$32.6B$39.5B$43.7B$49.0B
SEC XBRL · FISCAL-YEAR PERIODS · AS KNOWN ON 2026-09-06 · NOBODY ELSE SHOWS FUNDAMENTALS AS OF A PAST DATE
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Public filings, honestly analyzed. Official US government sources in one desk — every figure carries the date it was filed, and the methodology is published, backtest included.

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© 2026 WAVEMAN · SOURCE: SEC EDGAR & OFFICIAL GOVERNMENT DATA · NOT INVESTMENT ADVICE · CHART BY TRADINGVIEW · UPDATED 2026-09-06 ALL SYSTEMS LIVE FOR MACHINES →