Darlington Partners Capital Management and related parties filed an amended Schedule 13G reporting beneficial ownership of 6,651,884 shares of Warner Music Group Corp. Class A common stock, representing 4.5% of the class based on 146,960,699 shares outstanding as of January 6, 2026.
The shares are held through private investment funds advised by Darlington, with each reporting person having shared voting and shared dispositive power over the same 6,651,884 shares and no sole voting or dispositive power. The filing notes that ownership is now 5 percent or less of the class, and states that the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Warner Music Group.
How many Warner Music Group (WMG) shares do the Darlington entities report owning?
The Darlington entities report beneficial ownership of 6,651,884 shares of Warner Music Group Class A common stock. This single block is attributed to each reporting person with shared voting and shared dispositive power over the same shares.
What percentage of Warner Music Group (WMG) does Darlington currently hold?
Darlington reports holding 4.5% of Warner Music Group’s Class A common stock. The percentage is calculated using 146,960,699 shares outstanding as of January 6, 2026, as referenced from the company’s proxy statement.
Who are the reporting persons in this Warner Music Group (WMG) Schedule 13G/A?
The reporting persons are Darlington Partners Capital Management, LP, Darlington Partners GP, LLC, Darlington Partners, L.P., and individuals Scott W. Clark and Ramsey B. Jishi, who together report the same 6,651,884 shares.
Do the Darlington entities have sole or shared voting power over WMG shares?
The Darlington entities report zero sole voting power and zero sole dispositive power. They report shared voting power and shared dispositive power over all 6,651,884 Warner Music Group Class A shares.
Is Darlington reporting ownership of less than 5% of Warner Music Group (WMG)?
Yes. The filing’s ownership section states “Ownership of 5 percent or less of a class”, and the reported 4.5% interest in Warner Music Group’s Class A shares is below the 5% threshold.
Are the WMG shares held by Darlington intended to influence control of the company?
No. The certification states the securities were acquired and are held in the ordinary course of business and were not acquired for the purpose of changing or influencing control of Warner Music Group.
Which entity’s clients ultimately benefit from Darlington’s WMG share holdings?
The filing notes that LP’s clients, including Darlington, have the right to receive or direct dividends and sale proceeds from the Warner Music Group stock, with no other individual client holding more than five percent of the class.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Warner Music Group Corp.
(Name of Issuer)
Class A Common Stock
(Title of Class of Securities)
934550203
(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.
934550203
1
Names of Reporting Persons
Darlington Partners Capital Management, LP
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,651,884.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,651,884.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,651,884.00
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)
4.5 %
12
Type of Reporting Person (See Instructions)
IA, PN
Comment for Type of Reporting Person: Percentage calculated based on 146,960,699 shares of Class A Common Stock outstanding on January 6, 2026, as reported in the Proxy Statement filed by the Issuer on January 20, 2026.
SCHEDULE 13G
CUSIP No.
934550203
1
Names of Reporting Persons
Darlington Partners GP, LLC
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,651,884.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,651,884.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,651,884.00
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)
4.5 %
12
Type of Reporting Person (See Instructions)
HC, OO
Comment for Type of Reporting Person: Percentage calculated based on 146,960,699 shares of Class A Common Stock outstanding on January 6, 2026, as reported in the Proxy Statement filed by the Issuer on January 20, 2026.
SCHEDULE 13G
CUSIP No.
934550203
1
Names of Reporting Persons
Darlington Partners, L.P.
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,651,884.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,651,884.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,651,884.00
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)
4.5 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Percentage calculated based on 146,960,699 shares of Class A Common Stock outstanding on January 6, 2026, as reported in the Proxy Statement filed by the Issuer on January 20, 2026.
SCHEDULE 13G
CUSIP No.
934550203
1
Names of Reporting Persons
Scott W. Clark
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,651,884.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,651,884.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,651,884.00
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)
4.5 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Percentage calculated based on 146,960,699 shares of Class A Common Stock outstanding on January 6, 2026, as reported in the Proxy Statement filed by the Issuer on January 20, 2026.
SCHEDULE 13G
CUSIP No.
934550203
1
Names of Reporting Persons
Ramsey B. Jishi
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,651,884.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,651,884.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,651,884.00
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)
4.5 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Percentage calculated based on 146,960,699 shares of Class A Common Stock outstanding on January 6, 2026, as reported in the Proxy Statement filed by the Issuer on January 20, 2026.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Warner Music Group Corp.
(b)
Address of issuer's principal executive offices:
1633 Broadway, New York, NY 10019
Item 2.
(a)
Name of person filing:
Darlington Partners Capital Management, LP, a Delaware limited partnership ("DPCM LP")
Darlington Partners GP, LLC, a Delaware limited liability company ("DP GP")
Darlington Partners, L.P., a Delaware limited Darlington ("Darlington")
Scott W. Clark
Ramsey B. Jishi
DPCM LP is the investment adviser of private investment funds, including Darlington (together, the "Funds"). DP GP is the general partner of DPCM LP and the Funds. Mr. Clark and Mr. Jishi are the managers of DP GP. The Filers are filing this Schedule 13G jointly but not as members of a group, and each disclaims membership in a group. Each reporting person disclaims beneficial ownership of Common Stock except to the extent of that person's pecuniary interest therein. In addition, the filing of this Schedule 13G on behalf of Darlington should not be construed as an admission that it is, and it disclaims that it is, a beneficial owner, as defined in Rule 13d-3 under the Act, of any Common Stock covered by this Schedule 13G.
(b)
Address or principal business office or, if none, residence:
300 Drakes Landing Road, Suite 290, Greenbrae, CA 94904
(c)
Citizenship:
See Item 4 of the cover sheet for each reporting person.
(d)
Title of class of securities:
Class A Common Stock
(e)
CUSIP No.:
934550203
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:
DPCM LP: 6,651,884
DP GP: 6,651,884
Darlington: 6,651,884
Scott W. Clark: 6,651,884
Ramsey B. Jishi: 6,651,884
(b)
Percent of class:
DPCM LP: 4.5%
DP GP: 4.5%
Darlington: 4.5%
Scott W. Clark: 4.5%
Ramsey B. Jishi: 4.5%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
DPCM LP: 0
DP GP: 0
Darlington: 0
Scott W. Clark: 0
Ramsey B. Jishi: 0
(ii) Shared power to vote or to direct the vote:
DPCM LP: 6,651,884
DP GP: 6,651,884
Darlington: 6,651,884
Scott W. Clark: 6,651,884
Ramsey B. Jishi: 6,651,884
(iii) Sole power to dispose or to direct the disposition of:
DPCM LP: 0
DP GP: 0
Darlington: 0
Scott W. Clark: 0
Ramsey B. Jishi: 0
(iv) Shared power to dispose or to direct the disposition of:
DPCM LP: 6,651,884
DP GP: 6,651,884
Darlington: 6,651,884
Scott W. Clark: 6,651,884
Ramsey B. Jishi: 6,651,884
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
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.
DPCM LP's clients, including Darlington, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Stock. No individual client's holdings of the Stock, other than those of Darlington, are more than five percent of the outstanding Stock.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
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.
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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.
Darlington Partners Capital Management, LP
Signature:
/s/ Scott W. Clark
Name/Title:
Manager of Darlington Partners GP, LLC, general partner of Darlington Partners Capital Management, LP
Date:
01/31/2026
Darlington Partners GP, LLC
Signature:
/s/ Scott W. Clark
Name/Title:
Manager
Date:
01/31/2026
Darlington Partners, L.P.
Signature:
/s/ Scott W. Clark
Name/Title:
Manager of Darlington Partners GP, LLC, general partner of Darlington Partners, L.P.
Date:
01/31/2026
Scott W. Clark
Signature:
/s/ Scott W. Clark
Name/Title:
Reporting person
Date:
01/31/2026
Ramsey B. Jishi
Signature:
/s/ Ramsey B. Jishi
Name/Title:
Reporting person
Date:
01/30/2026
Exhibit Information
Exhibit 99.1 - Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G
