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.
Positive
None.
Negative
None.
Insights
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.
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 sharesPercent of class:8.1%CUSIP:934550203+3 more
6 metrics
Beneficial ownership11,850,000 sharesClass A Common Stock as of 03/31/2026
Percent of class8.1%Percentage of Class A Common Stock reported
CUSIP934550203Warner Music Group Class A Common Stock identifier
Sole voting power0Shares with sole voting power reported by filers
Shared voting power11,850,000 sharesShares with shared voting power reported
Signature date05/15/2026Filing signatures by Anand Desai
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 powerfinancial
"Shared dispositive power of 11,850,000.00 reported by filers"
Beneficially ownedfinancial
"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.
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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
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.
