Activist investor Dan Loeb's Third Point disclosed a significant new position in Warner Bros. Discovery, according to a recent SEC filing. The firm purchased 20 million shares valued at approximately $533.2 million, making the media giant its largest disclosed holding at 11.39% of its portfolio. This investment was made during the second quarter, which ended June 30, 2026, a detail required in quarterly 13F filings that can result in a reporting delay of up to 45 days.
The investment comes as Warner Bros. Discovery navigates a challenging period, including a significant drop in second-quarter profit and revenue, and an ongoing acquisition by Paramount Skydance. Other notable investors, including David Einhorn and George Soros, also initiated positions in the company during the same period. Loeb, known for his event-driven and value-oriented investment style, also made significant changes to other parts of his portfolio, exiting stakes in tech companies like Meta and Nvidia while increasing his position in Alphabet.