Multiple Factors Boosted Warner Bros Discovery (WBD) in Q3

Oakmark Funds, advised by Harris Associates, released its “Oakmark Select Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the quarter, the fund underperformed the benchmark, the S&P 500 Index, while it has outperformed the benchmark since inception. Communication services and energy were the largest contributors at the sector level, while consumer staples and consumer discretionary detracted. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

In its third-quarter 2025 investor letter, Oakmark Select Fund highlighted stocks such as Warner Bros. Discovery, Inc. (NASDAQ:WBD). Warner Bros. Discovery, Inc. (NASDAQ:WBD) is a media and entertainment company. The one-month return of Warner Bros. Discovery, Inc. (NASDAQ:WBD) was -43.747%, and its shares gained 134.97% of their value over the last 52 weeks.  On October 9, 2025, Warner Bros. Discovery, Inc. (NASDAQ:WBD) stock closed at $17.67 per share, with a market capitalization of $143.747 billion.

Oakmark Select Fund stated the following regarding Warner Bros. Discovery, Inc. (NASDAQ:WBD) in its third quarter 2025 investor letter:

“Warner Bros. Discovery, Inc. (NASDAQ:WBD) was the top contributor during the quarter. The media company’s stock price surged by 29% in a single trading session in September – its best day on record – amid reports that it is an acquisition target for Paramount-Sky dance. In our view, this merger could generate meaningful cost synergies and create a scaled competitor with a deep and unmatched content library. We continue to closely monitor WBD’s evolving outlook and believe its long-term prospects remain attractive, backed by solid recent earnings, renewed distribution deals and growing momentum in its Streaming segment.”

Warner Bros. Discovery, Inc. (WBD)'s CEO Is The Right Executive For This Environment, Says Jim Cramer

Warner Bros. Discovery, Inc. (NASDAQ:WBD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 67 hedge fund portfolios held Warner Bros. Discovery, Inc. (NASDAQ:WBD) at the end of the second quarter, up from 60 in the previous quarter. While we acknowledge the risk and potential of Warner Bros. Discovery, Inc. (NASDAQ:WBD) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Warner Bros. Discovery, Inc. (NASDAQ:WBD) and that has 10,000% upside potential, check out our report about this cheapest AI stock.

In another article, we covered Warner Bros. Discovery, Inc. (NASDAQ:WBD) and shared the list of stocks Jim Cramer discussed. In addition, please check out our hedge fund investor letters Q3 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.