5 Best Broadcasting Stocks To Buy

2. Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Number of Hedge Fund Holders: 60

Warner Bros. Discovery, Inc. (NASDAQ:WBD) operates as a media and entertainment company worldwide. Warner Bros. Discovery, Inc. (NASDAQ:WBD) has a strong presence in traditional television broadcasting. It operates a number of television networks, including popular channels such as CNN, TNT, TBS, Cartoon Network, and HBO. These networks offer a diverse array of programming, including news, sports, scripted and reality shows, animated content, and premium content. It is one of the best broadcasting stocks to invest in.

On April 14, Wells Fargo reiterated an Overweight rating and a $20 price target on Warner Bros. Discovery, Inc. (NASDAQ:WBD) shares ahead of the company’s upcoming Q1 report.

According to Insider Monkey’s fourth quarter database, 60 hedge funds were bullish on Warner Bros. Discovery, Inc. (NASDAQ:WBD), compared to 61 funds in the prior quarter.

Longleaf Partners Fund made the following comment about Warner Bros. Discovery, Inc. (NASDAQ:WBD) in its Q1 2023 investor letter:

Warner Bros. Discovery, Inc. (NASDAQ:WBD) – Media conglomerate Warner Bros Discovery (WBD) was the top contributor in the quarter. WBD was a top detractor last year in the face of concerns over management’s ability to effectively merge two businesses with different cultures, high leverage and exposure to cord cutting. In 2023, a solid plan is emerging for the integration of the businesses. This management team has a strong track record of integrating assets and growing free cash flow (FCF) per share, which is beginning to happen at WBD. Management has guided that the company will likely be below 4 times net debt to EBITDA by the end of 2023 and to 3x or less by the end of 2024, taking WBD out of the penalty box. We have seen this management team successfully execute this playbook before when Discovery bought former Southeastern holding Scripps in 2017. We are also finally beginning to see industry price rationality across the streaming world.”

Follow Warner Bros. Discovery Inc. (NASDAQ:WBD)