Warner Bros. Discovery, Inc. bonds WBD
Who owns Warner Bros. Discovery, Inc.'s debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. WBD stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 55903VBA0 | 3.755% fixed | 2027-03-15 | USD | 98.50 | 6.23% | 234 bp | 1 | $1.5M | Jul 2026 |
| 254948AN2 | 3.755% fixed | 2027-03-15 | USD | 99.33 | 4.85% | 96 bp | 20 | $50.8M | Jul 2026 |
| 55903VBL6 | 3.755% fixed | 2027-03-15 | USD | 99.50 | 4.40% | 66 bp | 12 | $69.1M | May 2026 |
| 25470DCP2 | 3.95% fixed | 2028-03-20 | USD | 98.24 | 5.08% | 92 bp | 24 | $61.4M | Jul 2026 |
| 25470DAR0 | 3.95% fixed | 2028-03-20 | USD | 94.50 | 7.58% | 342 bp | 4 | $3.7M | Jul 2026 |
| 25470DBS7 | 3.95% fixed | 2028-03-20 | USD | 99.57 | 4.20% | 24 bp | 14 | $98.7M | May 2026 |
| 55903VBB8 | 4.054% fixed | 2029-03-15 | USD | 91.50 | 7.69% | 344 bp | 2 | $4.7M | Jul 2026 |
| 55903VBY8 | 4.054% fixed | 2029-03-15 | USD | 95.00 | 6.14% | 190 bp | 1 | $238K | Jul 2026 |
| U25483AB1 | 4.054% fixed | 2029-03-15 | USD | 98.16 | 4.81% | 56 bp | 1 | $29K | Jul 2026 |
| 254948AP7 | 4.054% fixed | 2029-03-15 | USD | 98.24 | 4.77% | 53 bp | 43 | $119.9M | Jul 2026 |
| U55632AT7 | 4.054% fixed | 2029-03-15 | USD | 97.36 | 5.05% | 123 bp | 1 | $29K | Apr 2026 |
| 25470DCA5 | 4.125% fixed | 2029-05-15 | USD | 100.02 | 4.12% | 8 bp | 13 | $20.5M | May 2026 |
| 25470DBF5 | 4.125% fixed | 2029-05-15 | USD | 91.21 | 7.58% | 344 bp | 1 | $981K | Jun 2026 |
| 25470DCQ0 | 4.125% fixed | 2029-05-15 | USD | 98.27 | 4.79% | 54 bp | 31 | $89.6M | Jul 2026 |
| 55903VBJ1 | 4.302% fixed | 2030-01-17 | EUR | 94.42 | 6.09% | — | 1 | $1.8M | Jun 2026 |
| 934423AA2 | 4.302% fixed | 2030-01-17 | EUR | 99.17 | 4.55% | — | 3 | $1.4M | Apr 2026 |
| DL3297280 | 4.302% fixed | 2030-01-17 | EUR | 99.78 | 4.36% | — | 3 | $1.4M | Jul 2026 |
| 25470DCR8 | 3.625% fixed | 2030-05-15 | USD | 92.51 | 5.86% | 157 bp | 24 | $80.0M | Jul 2026 |
| 25470DBJ7 | 3.625% fixed | 2030-05-15 | USD | 82.00 | 9.37% | 508 bp | 1 | $2.6M | Jul 2026 |
| 25470DCC1 | 3.625% fixed | 2030-05-15 | USD | 94.04 | 5.32% | 122 bp | 21 | $26.7M | May 2026 |
| 55903VBQ5 | 4.279% fixed | 2032-03-15 | USD | 88.61 | 6.74% | 237 bp | 2 | $677K | Jul 2026 |
| 254948AQ5 | 4.279% fixed | 2032-03-15 | USD | 88.83 | 6.69% | 232 bp | 82 | $282.8M | Jul 2026 |
| 55903VBC6 | 4.279% fixed | 2032-03-15 | USD | 79.68 | 8.95% | 458 bp | 10 | $22.8M | Jul 2026 |
| XS3393994507 | 4.69% fixed | 2033-05-17 | EUR | 95.03 | 5.59% | — | 3 | $3.0M | Jul 2026 |
| 934423AB0 | 4.693% fixed | 2033-05-17 | EUR | 94.12 | 5.73% | — | 4 | $3.1M | Apr 2026 |
| 25470DBY4 | 5% fixed | 2037-09-20 | USD | 76.99 | 8.17% | 364 bp | 1 | $38K | Jun 2026 |
| 25470DCS6 | 5% fixed | 2037-09-20 | USD | 73.47 | 8.78% | 412 bp | 21 | $20.2M | Jul 2026 |
| 25470DCT4 | 6.35% fixed | 2040-06-01 | USD | 78.41 | 9.13% | 433 bp | 19 | $18.0M | Jul 2026 |
| 25470DBZ1 | 6.35% fixed | 2040-06-01 | USD | 82.47 | 8.52% | 382 bp | 18 | $20.7M | May 2026 |
| 25470DAD1 | 6.35% fixed | 2040-06-01 | USD | 69.87 | 10.53% | 574 bp | 3 | $6.1M | Jul 2026 |
| 55903VBD4 | 5.05% fixed | 2042-03-15 | USD | 62.00 | 9.87% | 498 bp | 1 | $3.8M | Jul 2026 |
| 55903VBW2 | 5.05% fixed | 2042-03-15 | USD | 68.50 | 8.80% | 391 bp | 1 | $274K | Jul 2026 |
| 254948AR3 | 5.05% fixed | 2042-03-15 | USD | 69.66 | 8.62% | 373 bp | 102 | $358.0M | Jul 2026 |
| 25470DAT6 | 5.2% fixed | 2047-09-20 | USD | 60.60 | 9.56% | 453 bp | 1 | $84K | May 2026 |
| 25470DBG3 | 5.3% fixed | 2049-05-15 | USD | 57.58 | 10.07% | 504 bp | 2 | $69K | May 2026 |
| 25470DBH1 | 4.65% fixed | 2050-05-15 | USD | 53.68 | 9.64% | 469 bp | 2 | $279 | Jun 2026 |
| 254948AS1 | 5.141% fixed | 2052-03-15 | USD | 63.82 | 8.68% | 358 bp | 38 | $57.7M | Jul 2026 |
| 55903VBU6 | 5.141% fixed | 2052-03-15 | USD | 68.80 | 8.02% | 299 bp | 33 | $115.9M | May 2026 |
| 25470DBL2 | 4% fixed | 2055-09-15 | USD | 50.00 | 8.77% | 374 bp | 1 | $122K | May 2026 |
| 55903VBF9 | 5.391% fixed | 2062-03-15 | USD | 57.43 | 9.64% | 461 bp | 1 | $535K | May 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Aug 2026 partial: filings still arriving | 3 | $58K | 91.50 | 6.11% | 169 bp | 1 |
| Jul 2026 | 23 | $1.19B | 91.50 | 7.69% | 344 bp | 102 |
| Jun 2026 | 26 | $2.02B | 90.51 | 8.07% | 338 bp | 179 |
| May 2026 | 28 | $905.1M | 82.71 | 8.02% | 329 bp | 72 |
| Apr 2026 | 20 | $1.31B | 93.62 | 7.74% | 359 bp | 105 |
| Mar 2026 | 22 | $2.07B | 92.94 | 7.95% | 416 bp | 182 |
| Feb 2026 | 20 | $941.0M | 87.63 | 6.95% | 308 bp | 75 |
| Jan 2026 | 20 | $1.35B | 93.22 | 6.31% | 262 bp | 112 |
| Dec 2025 | 22 | $2.20B | 92.48 | 6.96% | 335 bp | 192 |
| Nov 2025 | 18 | $941.3M | 89.46 | 6.76% | 267 bp | 81 |
| Oct 2025 | 19 | $1.46B | 93.60 | 5.86% | 222 bp | 118 |
| Sep 2025 | 20 | $2.14B | 92.13 | 6.60% | 262 bp | 198 |
| Aug 2025 | 19 | $813.1M | 78.02 | 8.50% | 405 bp | 76 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 130 added, 119 cut, 18 new holders and 40 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Bond Fund of America | 2026-06-30 | $346.4M | $308.8M | $4.3M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $231.7M | $191.3M | $11K |
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $232.7M | $185.0M | $0 |
| Income Fund of America | 2026-07-31 | $212.3M | $169.5M | -$78.8M |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $195.3M | $168.2M | $60.6M |
| BlackRock Total Return Fund BlackRock Bond Fund, Inc. | 2026-06-30 | $155.7M | $153.9M | -$387K |
| American High Income Trust | 2026-06-30 | $194.8M | $153.0M | -$67.0M |
| Lord Abbett Short Duration Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $136.1M | $135.6M | $0 |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $163.8M | $122.5M | $0 |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $103.6M | $97.0M | -$22.3M |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $99.2M | $83.6M | $2.0M |
| PGIM High Yield Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $112.8M | $77.8M | $5.2M |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $88.6M | $70.9M | -$10.5M |
| PIMCO High Yield Fund PIMCO FUNDS | 2026-06-30 | $71.3M | $62.5M | $1.8M |
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $64.8M | $56.4M | -$5.6M |
| Capital Income Builder | 2026-07-31 | $61.3M | $53.5M | $5.3M |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $50.6M | $47.8M | -$5.5M |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $48.2M | $47.0M | $0 |
| Core Fixed Income Fund Principal Funds, Inc | 2026-07-31 | $51.0M | $43.8M | $0 |
| T. Rowe Price High Yield Fund, Inc. T. ROWE PRICE HIGH YIELD FUND, INC. | 2026-05-31 | $54.5M | $42.3M | $11.3M |
| Allspring Short-Term High Income Fund ALLSPRING FUNDS TRUST | 2026-05-31 | $39.0M | $38.8M | $0 |
| Shenkman Capital Short Duration High Income Fund Advisors Series Trust | 2026-06-30 | $38.1M | $37.8M | $25.3M |
| BlackRock Strategic Income Opportunities Portfolio BlackRock Funds V | 2026-06-30 | $37.6M | $34.6M | $570K |
| Lord Abbett High Yield Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $44.4M | $33.8M | $0 |
| Bond Fund John Hancock Sovereign Bond Fund | 2026-05-31 | $42.8M | $33.7M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Franklin Income Fund ($33.0M), Baird Core Plus Bond Fund ($30.6M), CTIVP - American Century Diversified Bond Fund ($19.1M), TCW METWEST TOTAL RETURN BOND FUND ($8.4M), American Balanced Fund ($7.7M), Fidelity Total Bond Fund ($4.8M), AST Multi-Sector Fixed Income Portfolio ($3.3M), Fidelity Total Bond ETF ($3.0M), Fidelity SAI Total Bond Fund ($2.6M), Short Duration Fund ($2.1M).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 9 | $231.7M | $191.3M | 0.67% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 7 | $103.6M | $97.0M | 0.60% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 14 | $99.2M | $83.6M | 0.74% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 7 | $50.6M | $47.8M | 0.65% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 5 | $48.2M | $47.0M | 0.62% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 5 | $27.9M | $27.1M | 0.55% |
| HYDB iShares High Yield Systematic Bond ETF | 2026-05-31 | 4 | $31.0M | $25.5M | 1.57% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 7 | $23.3M | $21.8M | 0.63% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 10 | $25.0M | $21.3M | 0.89% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 10 | $23.3M | $19.9M | 0.79% |
| FALN iShares Fallen Angels USD Bond ETF | 2026-07-31 | 3 | $23.7M | $17.0M | 1.05% |
| BSJR Invesco BulletShares 2027 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $13.4M | $13.3M | 1.57% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 10 | $15.5M | $13.1M | 0.03% |
| ANGL VanEck Fallen Angel High Yield Bond ETF | 2026-07-31 | 1 | $15.2M | $12.1M | 0.40% |
| UCON First Trust Smith Unconstrained Bond ETF | 2026-05-31 | 2 | $15.6M | $12.1M | 0.37% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 7.91: safer than 72% of companies (68th percentile in Communication Services). Market-implied, prices to 2026-10-05, balance sheet 2026-06-30.
| Equity value | $77.72B |
| Debt barrier (short-term + ½ long-term debt) | $16.76B |
| Equity volatility (1 year) | 26.5% |
| Asset value / asset volatility (solved) | $93.77B / 22.0% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 344 bp spread prices in about 5.7% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z'' = -0.28 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in WBD's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 175 | $320.8M | 0 | — | 1 | $2K | 0 |
| 2026-06-30 | 1,305 | $50.92B | 64 | $3.46B | 57 | $1.52B | 0 |
| 2026-03-31 | 1,290 | $40.70B | 59 | $2.47B | 47 | $938.8M | 1 |
| 2025-12-31 | 1,294 | $50.63B | 59 | $2.49B | 68 | $2.70B | 1 |
| 2025-09-30 | 1,139 | $33.01B | 52 | $1.15B | 75 | $1.39B | 0 |
| 2025-06-30 | 1,136 | $19.69B | 39 | $382.3M | 45 | $536.6M | 1 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.