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Investing.com -- Warner Bros. Discovery (NASDAQ:WBD) stock declined 4.9% Tuesday, falling from $11.46 to $10.90 after major shareholder Advance/Newhouse sold over $1 billion in shares.
According to a regulatory filing, Advance/Newhouse entities ANPP Diversified and ANP agreed to sell 100 million shares of common stock in a block sale at a net price of $10.97 per share on June 30, 2025. The transaction caused Warner Bros. Discovery shares to face significant selling pressure.
The filing indicated that following the transaction, Advance/Newhouse would no longer be a beneficial owner of more than 5% of Warner Bros. Discovery’s outstanding shares. The company stated that the sale was intended to "provide financial flexibility to support the Reporting Persons’ ongoing estate planning, its investment program, and for other general corporate purposes."
The substantial share sale represents a significant shift in Warner Bros. Discovery’s ownership structure as one of its major shareholders reduces its position in the media and entertainment conglomerate.