Darsana reports 11.85M shares (8.1%) in Warner Music

Warner Music Group Corp. ownership disclosure: Darsana Capital Partners and affiliated entities report beneficial ownership of 11,850,000 shares of Class A Common Stock, representing 8.1% of the class as of 03/31/2026.

Rhea-AI Filing Summary

Warner Music Group Corp. ownership disclosure: Darsana Capital Partners and affiliated entities report beneficial ownership of 11,850,000 shares of Class A Common Stock, representing 8.1% of the class as of 03/31/2026. The filing is a joint Schedule 13G/A showing shared voting power and shared dispositive power of 11,850,000 shares and no sole voting or dispositive power reported by the filers. The filing is signed by Anand Desai on behalf of the named entities.

Insights

Corporate Governance Analyst

Holds a notable passive stake with shared control signals.

The joint Schedule 13G/A lists 11,850,000 shares (8.1%) beneficially owned as of 03/31/2026, with shared voting and dispositive power. The structure — multiple related entities and identical ownership lines — indicates an aggregated position held through advisory clients and affiliated vehicles.

Material dependencies include the filer relationships and whether holdings remain passive; future filings may show changes if the filer shifts to active intent. Subsequent public filings will show changes in percent or power.

Investor Relations Specialist

Clear, joint disclosure; voting/disposition authority is shared, not sole.

The disclosure specifies 0 sole voting power and 11,850,000 shared voting/dispositive power. This clarifies that operational control is not reported as unilateral by any single filer but exercised jointly or through shared arrangements.

Investors seeking updates should watch for any amended filings that change the percent owned or convert this passive stake into active status; filings dated 05/15/2026 contain the signatures.

Key Figures

Beneficial ownership: 11,850,000 shares Percent of class: 8.1% CUSIP: 934550203 +3 more

6 metrics

Beneficial ownership 11,850,000 shares Class A Common Stock as of 03/31/2026

Percent of class 8.1% Percentage of Class A Common Stock reported

CUSIP 934550203 Warner Music Group Class A Common Stock identifier

Sole voting power 0 Shares with sole voting power reported by filers

Shared voting power 11,850,000 shares Shares with shared voting power reported

Signature date 05/15/2026 Filing signatures by Anand Desai

Key Terms

Schedule 13G/A, Shared dispositive power, Beneficially owned

3 terms

Schedule 13G/A regulatory

"joint <b>Schedule 13G/A</b> listing beneficial ownership"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Shared dispositive power financial

"Shared dispositive power of 11,850,000.00 reported by filers"

Beneficially owned financial

"Amount beneficially owned: Darsana Capital Partners LP - 11,850,000"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Darsana Capital report in WMG?

Darsana reports beneficial ownership of 11,850,000 shares, equal to 8.1% of Class A Common Stock as of 03/31/2026. The amount is shown across affiliated filers in a joint Schedule 13G/A filing signed on 05/15/2026.

Who filed the Schedule 13G/A for WMG?

The filing is joint by Darsana Capital Partners LP, Darsana Capital Partners GP LLC, Darsana Master Fund LP, Darsana Capital GP LLC, and Anand Desai, with principal offices at 40 West 57th Street, New York.

Does Darsana report sole voting or dispositive power over WMG shares?

No. The filing reports 0 sole voting power and 0 sole dispositive power, with 11,850,000 shares listed as shared voting and shared dispositive power.

Are the shares held directly by Darsana or on behalf of clients?

The filing states the securities are directly owned by advisory clients of Darsana Capital Partners LP. Only Darsana Master Fund LP may be viewed as a single holder exceeding 5% by itself.

What CUSIP and class are reported in the filing?

The filing covers Class A Common Stock, $0.001 par value of Warner Music Group Corp., CUSIP 934550203, as listed in Item 3(d) and the cover information.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 05:00 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Warner Music Group Corp.

(Name of Issuer)

Class A Common Stock, $0.001 par value per share

(Title of Class of Securities)

934550203

(CUSIP Number)

03/31/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 934550203

1

Names of Reporting Persons

Darsana Capital Partners 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 11,850,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,850,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,850,000.00

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)

8.1 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP Number(s): 934550203

1

Names of Reporting Persons

Darsana Capital 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 11,850,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,850,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,850,000.00

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)

8.1 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP Number(s): 934550203

1

Names of Reporting Persons

Darsana Master Fund 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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 11,850,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,850,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,850,000.00

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)

8.1 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 934550203

1

Names of Reporting Persons

Darsana Capital 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 11,850,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,850,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,850,000.00

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)

8.1 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP Number(s): 934550203

1

Names of Reporting Persons

Anand Desai

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 11,850,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,850,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,850,000.00

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)

8.1 %

12

Type of Reporting Person (See Instructions)

HC, IN

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: Darsana Capital Partners LP Darsana Capital Partners GP LLC Darsana Master Fund LP Darsana Capital GP LLC Anand Desai
(b)	Address or principal business office or, if none, residence: Darsana Capital Partners LP 40 WEST 57TH STREET, 22ND FLOOR, NEW YORK, NY, 10019 Darsana Capital Partners GP LLC 40 WEST 57TH STREET, 22ND FLOOR, NEW YORK, NY, 10019 Darsana Master Fund LP 40 WEST 57TH STREET, 22ND FLOOR, NEW YORK, NY, 10019 Darsana Capital GP LLC 40 WEST 57TH STREET, 22ND FLOOR, NEW YORK, NY, 10019 Anand Desai 40 WEST 57TH STREET, 22ND FLOOR, NEW YORK, NY, 10019
(c)	Citizenship: Darsana Capital Partners LP - Delaware Darsana Capital Partners GP LLC - Delaware Darsana Master Fund LP - Cayman Islands Darsana Capital GP LLC - Delaware Anand Desai - United States
(d)	Title of class of securities: Class A Common Stock, $0.001 par value per share
(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: Darsana Capital Partners LP - 11,850,000 Darsana Capital Partners GP LLC - 11,850,000 Darsana Master Fund LP - 11,850,000 Darsana Capital GP LLC - 11,850,000 Anand Desai - 11,850,000
(b)	Percent of class: Darsana Capital Partners LP - 8.1% Darsana Capital Partners GP LLC - 8.1% Darsana Master Fund LP - 8.1% Darsana Capital GP LLC - 8.1% Anand Desai - 8.1%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Darsana Capital Partners LP - 0 Darsana Capital Partners GP LLC - 0 Darsana Master Fund LP - 0 Darsana Capital GP LLC - 0 Anand Desai - 0
	(ii) Shared power to vote or to direct the vote: Darsana Capital Partners LP - 11,850,000 Darsana Capital Partners GP LLC - 11,850,000 Darsana Master Fund LP - 11,850,000 Darsana Capital GP LLC - 11,850,000 Anand Desai - 11,850,000
	(iii) Sole power to dispose or to direct the disposition of: Darsana Capital Partners LP - 0 Darsana Capital Partners GP LLC - 0 Darsana Master Fund LP - 0 Darsana Capital GP LLC - 0 Anand Desai - 0
	(iv) Shared power to dispose or to direct the disposition of: Darsana Capital Partners LP - 11,850,000 Darsana Capital Partners GP LLC - 11,850,000 Darsana Master Fund LP - 11,850,000 Darsana Capital GP LLC - 11,850,000 Anand Desai - 11,850,000
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. All of the securities reported in this Schedule 13G are directly owned by advisory clients of Darsana Capital Partners LP. None of those advisory clients, other than Darsana Master Fund LP, may be deemed to beneficially own more than 5% of the Class A Common Stock, $0.001 par value.
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. Please see Exhibit B attached hereto.
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 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.

Darsana Capital Partners LP

Signature:	By: Darsana Capital Partners GP LLC, Its General Partner, By: /s/ Anand Desai
Name/Title:	Anand Desai, Chief Executive Officer
Date:	05/15/2026

Darsana Capital Partners GP LLC

Signature:	/s/ Anand Desai
Name/Title:	Anand Desai, Chief Executive Officer
Date:	05/15/2026

Darsana Master Fund LP

Signature:	By: Darsana Capital GP LLC, Its General Partner, By: /s/ Anand Desai
Name/Title:	Anand Desai, Chief Executive Officer
Date:	05/15/2026

Darsana Capital GP LLC

Signature:	/s/ Anand Desai
Name/Title:	Anand Desai, Chief Executive Officer
Date:	05/15/2026

Anand Desai

Signature:	/s/ Anand Desai
Name/Title:	Anand Desai
Date:	05/15/2026

Exhibit Information

Exhibit A - Joint Filing Agreement Exhibit B - Control Person Identification