5 Best Media Stocks To Buy Now

3. Warner Bros. Discovery Inc. Series A (NASDAQ:WBD)

Number of Hedge Fund Holders: 61

Warner Bros. Discovery Inc. Series A (NASDAQ:WBD) is a media company providing content across various distribution platforms in about 50 languages. The company is based in New York.

On November 14, Spin-Off Research placed a Hold rating on Warner Bros. Discovery Inc. Series A (NASDAQ:WBD) shares.

In the third quarter, Warner Bros. Discovery Inc. Series A (NASDAQ:WBD) added 2.8 million subscribers to its existing subscriptions. The company is also paying back its debt rapidly, expecting to be within its credit rating category of mid-2024 or even earlier. It also forecasts for 2023 adjusted EBITDA to stand at about $12 billion.

In total, 61 hedge funds held stakes in Warner Bros. Discovery Inc. Series A (NASDAQ:WBD) in the third quarter, with a total stake value of $1.6 billion.

Greenlight Capital, an investment management company, mentioned Warner Bros. Discovery Inc. Series A (NASDAQ:WBD) in its third-quarter 2022 investor letter. Here’s what the firm said:

“Finally, we sold unsuccessful investments in PLBY and Warner Bros. Discovery, Inc. (NASDAQ:WBD). We thought both companies were going through substantial corporate transformations. PLBY failed to execute on its strategy and we exited with a 50% loss on our investment. We sold WBD as it faces a more challenging path to executing its integration plan than we expected. It also has a sizable amount of debt. We are trying to avoid levered equities in the current economic environment. We lost approximately 40% on WBD in half a year. Both positions were small.