Shares of Warner Bros. Discovery (NASDAQ:WBD) fell 4.9% on Tuesday, retreating from $11.46 to $10.90, after longtime stakeholder Advance/Newhouse offloaded a substantial portion of its holdings in the media giant.
A regulatory filing revealed that affiliates of Advance/Newhouse—specifically ANPP Diversified and ANP—executed a block sale of 100 million common shares on June 30, 2025, at a net price of $10.97 per share. The sizable divestment triggered notable downward pressure on the stock as markets reacted to the change in ownership.
The filing also noted that the transaction would result in Advance/Newhouse no longer owning more than 5% of Warner Bros. Discovery’s outstanding shares. The company explained the rationale behind the sale as an effort “to provide financial flexibility to support the Reporting Persons’ ongoing estate planning, its investment program, and for other general corporate purposes.”
This large-scale share sale marks a significant development in Warner Bros. Discovery’s shareholder base, as one of its most prominent investors steps back from a position of major influence in the entertainment conglomerate.