State Street (NYSE: STT) discloses 5.3% passive stake in Warner Bros. Discovery

Rhea-AI Filing Summary

State Street Corporation has filed a Schedule 13G disclosing a passive ownership stake in Warner Bros. Discovery, Inc. common stock. As of 12/31/2025, State Street reports beneficial ownership of 131,075,328 shares, representing 5.3% of the outstanding common stock.

State Street reports no sole voting or dispositive power, with shared voting power over 87,360,046 shares and shared dispositive power over 131,066,834 shares. The filing states the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Warner Bros. Discovery.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

WARNER BROS DISCOVERY INC

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

934423104

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 934423104

1

Names of Reporting Persons

STATE STREET CORPORATION

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 87,360,046.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 131,066,834.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

131,075,328.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: WARNER BROS DISCOVERY INC
(b)	Address of issuer's principal executive offices: 230 PARK AVE S, NEW YORK, NEW YORK, 10003
Item 2.
(a)	Name of person filing: STATE STREET CORPORATION;
(b)	Address or principal business office or, if none, residence: ONE CONGRESS STREET, SUITE 1, BOSTON MA 02114, UNITED STATES
(c)	Citizenship: MA
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP No.: 934423104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 131075328.00
(b)	Percent of class: 5.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 87,360,046
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 131,066,834
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. NOT APPLICABLE
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. SSGA FUNDS MANAGEMENT, INC. (IA);STATE STREET GLOBAL ADVISORS (JAPAN) CO., LTD. (IA);STATE STREET GLOBAL ADVISORS ASIA LIMITED (IA);STATE STREET GLOBAL ADVISORS EUROPE LIMITED (IA);STATE STREET GLOBAL ADVISORS LIMITED (IA);STATE STREET GLOBAL ADVISORS SINGAPORE LIMITED (IA);STATE STREET GLOBAL ADVISORS TRUST COMPANY (IA);STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED (IA);STATE STREET GLOBAL ADVISORS, LTD. (IA);STATE STREET SAUDI ARABIA FINANCIAL SOLUTIONS COMPANY (IA);
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. NOT APPLICABLE
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. NOT APPLICABLE

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

STATE STREET CORPORATION

Signature:	ELIZABETH SCHAEFER
Name/Title:	SENIOR VICE PRESIDENT, CHIEF ACCOUNTING OFFICER
Date:	02/09/2026

FAQ

What ownership stake in WBD does State Street Corporation report on this Schedule 13G?

State Street Corporation reports beneficial ownership of 131,075,328 Warner Bros. Discovery (WBD) shares, equal to 5.3% of the common stock. This makes State Street a significant institutional holder, with the stake reported as of December 31, 2025 on a passive Schedule 13G basis.

Does State Street Corporation have voting power over its Warner Bros. Discovery (WBD) shares?

State Street reports no sole voting power and shared voting power over 87,360,046 WBD shares. It also reports shared dispositive power over 131,066,834 shares, indicating decisions on voting and disposition are exercised jointly across affiliated investment management entities, not by State Street alone.

Is State Street’s Warner Bros. Discovery (WBD) position intended to influence control of the company?

The filing states the WBD shares were acquired and are held in the ordinary course of business, not to change or influence control. State Street also certifies the holdings are not in connection with any control transaction, other than activities solely related to a nomination under Rule 240.14a-11.

Which State Street affiliates are identified as holding Warner Bros. Discovery (WBD) shares?

The filing lists multiple State Street Global Advisors affiliates as relevant subsidiaries. These include SSGA Funds Management, Inc. and various State Street Global Advisors entities in Japan, Asia, Europe, the U.K., Singapore, Australia, and Saudi Arabia, each classified as investment advisers involved in managing the reported WBD holdings.

What type of SEC filing is this Warner Bros. Discovery (WBD) ownership report by State Street?

This is a Schedule 13G, used for passive ownership of more than 5% of a class of securities. It indicates State Street’s role as an institutional investor, reporting its WBD common stock stake without an activist or control-seeking purpose, as of December 31, 2025.

Who signed the State Street Schedule 13G related to Warner Bros. Discovery (WBD)?

The Schedule 13G is signed by Elizabeth Schaefer, Senior Vice President and Chief Accounting Officer of State Street Corporation. The signature certifies, after reasonable inquiry, that the information in the filing regarding WBD ownership is true, complete, and correct as of the stated date.