Which Company Owns Warner Bros?

This article aims to answer what company owns Warner Bros. Discovery today, including its largest shareholders and board of directors, and how you can invest in Warner Bros. Discovery stock.

However, as of 2026, Warner Bros. Discovery will be owned by someone new. Streaming giant Netflix (NFLX -1.98%) has acquired Warner Bros. to the tune of $82.7 billion after all cash and stock transactions clear. This deal is set to finish by Q3 of 2026 after the split of WBD’s Global Networks division into Discovery Global. How exactly this will affect investors is yet to be known, but it could make Netflix a more binge-worthy investment down the line.

Who is the owner of Warner Bros. Discovery?

Warner Bros. Discovery is a publicly traded company, meaning it's owned by its shareholders. The company was formed in 2022 after AT&T spun off WarnerMedia (previously Time Warner) and merged it with Discovery, forming a new entertainment and streaming services company.

Warner Brothers Pictures was established by brothers Harry, Albert, Samuel, and Jack Warner in 1923. The company became a pioneer in early sound films and was producing about 100 films per year by the 1930s.

Eventually, it became two separate entities, Warner Communications and Warner Bros. Inc. Warner Communications merged with Time Inc. to form Time Warner in 1990, with Warner Bros. becoming its own division in the new company. AT&T acquired Time Warner in 2018 for around $85 billion and renamed it WarnerMedia.

Meanwhile, Discovery was founded in 1985. In addition to the Discovery Channel, it owned Animal Planet, Science Channel, and TLC. It acquired Scripps Networks Interactive in 2018, adding the Food Network, Travel Channel, and HGTV to its lineup.

Who are the largest shareholders?

Institutional investors own about 71% of Warner Bros. Discovery shares, while insiders own just under 6%. Let's take a look at Warner Bros. Discovery's largest shareholders.

Individuals

• John Malone is the Chair Emeritus of the board and the former CEO and chairman of Discovery Holdings Co. He owns more than 19 million shares.
• Kenneth Lowe was president and CEO of The E.W. Scripps Co. and chairman of the board, president, and CEO of Scripps Networks Interactive, which was acquired by Discovery in 2018. He owns over 1.1 million shares.
• Paul Gould is a managing director at investment bank Allen & Co. He is a past Discovery board member who now sits on the Warner Bros. Discovery board. He owns over 844,357 shares.
• Geoffrey Yang is a founding partner and managing director of a private equity and venture capital firm. He was a previous AT&T board member who now sits on the Warner Bros. Discovery board. He owns more than 176,061 shares.
• Samuel Di Piazza, Jr. was the global CEO of PricewaterhouseCoopers, or PWC. He is the current chair of the Warner Bros. Discovery board and a past AT&T director. He owns almost 200,910 shares.

Institutional investors

• Vanguard Group Inc. The Vanguard Group is a Pennsylvania-based registered investment advisor that pioneered low-cost index funds. It owns more than 256.82 million shares of Warner Bros. Discovery, representing a 10.37% stake. The Vanguard Total Stock Market Index Fund (VTI -0.39%), the Vanguard 500 Index Fund (VOO -0.48%), and the Vanguard Mid-Cap Index Fund (VO +0.23%) are among the largest holders of the stock.
• BlackRock (BLK +0.21%) is the world's largest asset manager and owner of iShares ETFs. BlackRock owns about 173 million shares of Warner Bros. Discovery Inc., a stake of 6.99%. Its iShares Core S&P 500 ETF (IVV -0.48%) owns more than 24 million shares.
• State Street Corp. (STT +1.44%): Boston-based State Street Corp. is an investment management firm and the largest custodial bank on the globe. It's also the owner of SPDR ETFs and the creator of the first S&P 500 ETF, the SPDR S&P 500 ETF Trust (SPY -0.55%). State Street Corp. owns about 168.71 million shares of Warner Bros. Discovery, or a 6.81% stake. The Communication Services Select Sector SPDR Fund (XLC -0.21%) and the SPDR S&P 500 ETF Trust (SPY -0.55%) are among the top holders of the stock.
• Harris Associates LP. Harris Associates LP is a Chicago-based investment management firm with approximately $96 billion in assets under management. It owns roughly 95.57 million Warner Bros. Discovery shares, representing a 3.86% stake.
• Geode Capital Management LLC. Geode was founded by Fidelity in 2001 before becoming a separate entity in 2003. Today, it manages Fidelity's stock index funds as a sub-advisor. Geode owns almost 60 million Warner Bros. Discovery shares, a 2.43% stake. The Fidelity 500 Index Fund (FXAI.X +0.17%) is a top shareholder.

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