Value investor Bill Nygren's Oakmark Funds reported a significant reduction in its stake in Warner Bros. Discovery, selling over 28 million shares. According to its latest 13F filing, the holding was cut by 85%, decreasing from 32.87 million shares to just 4.80 million. The reported value of the position fell from $902.72 million to $128.05 million.
This regulatory disclosure, filed on August 14, reflects trades made during the second quarter, which ended June 30, 2026. While no specific reason was given for the large sale, the Oakmark Fund's commentary for the same period listed Warner Bros. Discovery as a "Final sale," indicating a complete exit from that particular fund. This move reduced the security's weight in the overall reported portfolio from 1.20% to 0.17%.