WARNER MUSIC GROUP CORP WMG
COM CL A · Common Stock · CUSIP 934550203 · ISIN US9345502036
American multinational entertainment and record label conglomerate
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($28.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $27.02. Options: 11 managers hold calls ($52.4m notional), 4 hold puts ($106.4m).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 177 |
| Q4 2022 | 220 |
| Q1 2023 | 223 |
| Q2 2023 | 207 |
| Q3 2023 | 208 |
| Q4 2023 | 242 |
| Q1 2024 | 252 |
| Q2 2024 | 253 |
| Q3 2024 | 267 |
| Q4 2024 | 257 |
| Q1 2025 | 270 |
| Q2 2025 | 257 |
| Q3 2025 | 300 |
| Q4 2025 | 303 |
| Q1 2026 | 318 |
| Q2 2026 | 337 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 149 | 134 |
| Q4 2024 | 120 | 132 |
| Q1 2025 | 159 | 113 |
| Q2 2025 | 121 | 141 |
| Q3 2025 | 178 | 119 |
| Q4 2025 | 164 | 152 |
| Q1 2026 | 196 | 133 |
| Q2 2026 | 195 | 159 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $66.3m | $8.0m | 0.12 |
| Q4 2025 | $59.1m | $2.1m | 0.04 |
| Q1 2026 | $50.8m | $6.1m | 0.12 |
| Q2 2026 | $52.4m | $106.4m | 2.03 |
Biggest buyers
| GOLDMAN SACHS GROUP INC | Added | +3.3m |
| FMR LLC | Added | +2.1m |
| Qube Research & Technologies Ltd | Added | +1.6m |
| Walleye Capital LLC | Added | +869.3k |
| Balyasny Asset Management L.P. | New | +811.1k |
| JANE STREET GROUP, LLC | Added | +756.1k |
| Rockefeller Capital Management L.P. | Added | +621.8k |
| BlackRock, Inc. | Added | +551.1k |
| SEGALL BRYANT & HAMILL, LLC | New | +533.8k |
| Assenagon Asset Management S.A. | New | +533.2k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -2.5m |
| CITADEL ADVISORS LLC | Reduced | -2.1m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -1.8m |
| WESTWOOD HOLDINGS GROUP INC | Reduced | -937.2k |
| DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP | Reduced | -846.0k |
| Point72 Asset Management, L.P. | Reduced | -576.8k |
| Covalis Capital LLP | Reduced | -557.4k |
| Artisan Partners Limited Partnership | Reduced | -524.6k |
| Ilex Capital Partners (UK) LLP | Sold out | -382.4k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | Reduced | -352.6k |
Biggest calls
| JANE STREET GROUP, LLC | Reduced | $15.3m564.9k shares |
| CITADEL ADVISORS LLC | Added | $15.2m562.2k shares |
| GOLDMAN SACHS GROUP INC | Unchanged | $9.6m353.5k shares |
| GROUP ONE TRADING LLC | Added | $6.5m241.2k shares |
| IMC-Chicago, LLC | Added | $3.1m114.9k shares |
| PEAK6 LLC | New | $1.1m42.3k shares |
| SIG BROKERAGE, LP | Unchanged | $622.6k23.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $498.1k18.4k shares |
| Walleye Trading LLC | New | $270.7k10.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $154.3k5.7k shares |
Biggest puts
| JANE STREET GROUP, LLC | Added | $106.2m3.9m shares |
| Walleye Trading LLC | New | $102.9k3.8k shares |
| GROUP ONE TRADING LLC | Reduced | $70.4k2.6k shares |
| SIMPLEX TRADING, LLC | Unchanged | $2.7k100 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| Independent Franchise Partners LLP 13G · institution new · filed 2025-05-14 | 9.2% |
| Darsana Capital Partners LP 13G · passive investor +2.6 pts · filed 2026-05-15 | 8.1% |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 13G · institution -0.2 pts · filed 2026-08-12 | 6.1% |
| JPMORGAN CHASE & CO 13G · institution -2.1 pts · filed 2026-10-15 | 5.5% |
| DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP 13G · institution +0.6 pts · filed 2026-04-01 | 5.1% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27), Mawer Investment Management Ltd. (0.2%, 2025-11-12)
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 0 | — | 1 | $1.1m | — |
| Q1 2025 | 0 | — | 3 | $1.3m | — |
| Q2 2025 | 0 | — | 1 | $31.4k | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 2 | $2.0m | 0 | — | — |
| Q1 2026 | 0 | — | 0 | — | — |
| Q2 2026 | 0 | — | 0 | — | — |
| Q3 2026 | 0 | — | 0 | — | — |
None reported since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| Independent Franchise Partners LLP 2.31% of their portfolio | 13.0m $351.9m | Reduced -36.5k |
| Darsana Capital Partners LP 1.45% of their portfolio | 11.9m $323.3m | Added +93.2k |
| JPMORGAN CHASE & CO 0.02% of their portfolio | 11.2m $297.7m | Reduced -2.5m |
| BlackRock, Inc. 0.00% of their portfolio | 10.2m $276.4m | Added +551.1k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 0.73% of their portfolio | 8.9m $241.2m | Reduced -352.6k |
| DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP 8.01% of their portfolio | 6.7m $181.5m | Reduced -846.0k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 6.2m $168.4m | Reduced -17.1k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.01% of their portfolio | 5.9m $159.3m | Reduced -7.6k |
| FIL Ltd 0.11% of their portfolio | 5.8m $157.7m | Reduced -44.5k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 5.0m $134.7m | Added +3.3m |
| COOKE & BIELER LP 1.45% of their portfolio | 4.6m $125.1m | Reduced -149.8k |
| Thrivent Financial for Lutherans 0.17% of their portfolio | 3.8m $103.9m | Added +196.3k |
| STATE STREET CORP 0.00% of their portfolio | 2.7m $73.1m | Added +38.1k |
| Qube Research & Technologies Ltd 0.08% of their portfolio | 2.5m $68.9m | Added +1.6m |
| FMR LLC 0.00% of their portfolio | 2.5m $68.1m | Added +2.1m |
| AQR CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 2.4m $64.5m | Reduced -105.3k |
| MORGAN STANLEY 0.00% of their portfolio | 2.4m $65.2m | Added +148.9k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 2.2m $60.0m | Reduced -4.8k |
| Point72 Asset Management, L.P. 0.08% of their portfolio | 1.9m $51.8m | Reduced -576.8k |
| UBS Group AG 0.01% of their portfolio | 1.9m $51.2m | Reduced -117.3k |
| DigitalBridge Group, Inc. 2.90% of their portfolio | 1.8m $48.1m | Added +226.1k |
| HARRIS ASSOCIATES L P 0.06% of their portfolio | 1.6m $43.6m | Added +105 |
| MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio | 1.6m $43.5m | Reduced -1.8m |
| WESTWOOD HOLDINGS GROUP INC 0.33% of their portfolio | 1.6m $43.4m | Reduced -937.2k |
| FAIRVIEW CAPITAL INVESTMENT MANAGEMENT, LLC 2.21% of their portfolio | 1.5m $41.8m | Reduced -54.0k |
| Ardmore Road Asset Management LP 2.11% of their portfolio | 1.3m $35.9m | Added +481.2k |
| JANE STREET GROUP, LLC 0.02% of their portfolio | 1.3m $35.1m | Added +756.1k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.3m $34.1m | Reduced -15.5k |
| RENAISSANCE TECHNOLOGIES LLC 0.04% of their portfolio | 1.2m $32.1m | Reduced -335.2k |
| NORGES BANK 0.00% of their portfolio | 1.2m $31.3m | Not comparable |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 1.1m $30.4m | Reduced -16.6k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 1.1m $28.8m | Added +113.1k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 1.0m $27.9m | Added +68.0k |
| Walleye Capital LLC 0.13% of their portfolio | 984.3k $26.6m | Added +869.3k |
| Artisan Partners Limited Partnership 0.04% of their portfolio | 951.8k $25.8m | Reduced -524.6k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 930.1k $25.2m | Reduced -2.1m |
| VANGUARD FIDUCIARY TRUST CO 0.01% of their portfolio | 904.0k $24.5m | Added +17.1k |
| HRT FINANCIAL LP 0.05% of their portfolio | 823.4k $22.3m | Added +254.4k |
| Balyasny Asset Management L.P. 0.04% of their portfolio | 811.1k $22.0m | New |
| Perpetual Ltd 0.31% of their portfolio | 800.7k $21.7m | Added +26.2k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 767.4k $20.8m | Added +193.1k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 734.2k $19.9m | Added +20.0k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 729.1k $19.7m | Added +5.9k |
| ASSETMARK, INC 0.03% of their portfolio | 711.8k $19.3m | Added +141.3k |
| Trexquant Investment LP 0.10% of their portfolio | 627.2k $17.0m | Added +240.5k |
| Rockefeller Capital Management L.P. 0.03% of their portfolio | 623.0k $16.9m | Added +621.8k |
| Candriam S.C.A. 0.07% of their portfolio | 590.6k $16.0m | Added +46.0k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 585.7k $15.9m | Reduced -45.5k |
| Tidal Investments LLC 0.04% of their portfolio | 580.6k $15.7m | Added +531.1k |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 579.9k $15.7m | Added +176.7k |
| CLARK ESTATES INC/NY 3.34% of their portfolio | 535.0k $14.5m | Reduced -115.0k |
| SEGALL BRYANT & HAMILL, LLC 0.17% of their portfolio | 533.8k $14.5m | New |
| Assenagon Asset Management S.A. 0.01% of their portfolio | 533.2k $14.4m | New |
| Beck Bode, LLC 2.16% of their portfolio | 525.9k $14.2m | New |
| BOOTHBAY FUND MANAGEMENT, LLC 0.26% of their portfolio | 518.3k $14.0m | Added +93.8k |
| VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio | 514.8k $13.9m | Reduced -15.7k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 507.0k $13.7m | Added +72.1k |
| Retirement Systems of Alabama 0.04% of their portfolio | 465.9k $12.6m | Reduced -28.9k |
| ING GROEP NV 0.06% of their portfolio | 460.0k $12.5m | Unchanged |
| Marathon Asset Management Ltd 0.50% of their portfolio | 454.3k $12.3m | New |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 402.5k $10.3m | Added +277.6k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.04% of their portfolio | 379.3k $10.3m | Reduced -24.9k |
| RBO & CO LLC 1.58% of their portfolio | 365.9k $9.9m | Reduced -53.9k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.01% of their portfolio | 352.6k $9.5m | Added +28.2k |
| TUDOR INVESTMENT CORP ET AL 0.03% of their portfolio | 283.3k $7.7m | Reduced -54.0k |
| Boston Partners 0.01% of their portfolio | 281.8k $7.6m | Added +61.8k |
| Invesco Ltd. 0.00% of their portfolio | 276.8k $7.5m | Reduced -306.5k |
| BENJAMIN EDWARDS INC 0.07% of their portfolio | 266.3k $7.2m | Added +73.8k |
| HighTower Advisors, LLC 0.01% of their portfolio | 257.9k $7.0m | Reduced -1.4k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 256.4k $6.9m | Added +974 |
| River Road Asset Management, LLC 0.08% of their portfolio | 253.7k $6.9m | Reduced -296.3k |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 238.5k $6.5m | Reduced -51.4k |
| Joel Isaacson & Co., LLC 0.19% of their portfolio | 237.7k $6.4m | Reduced -7.5k |
| Corient Private Wealth LP 0.01% of their portfolio | 229.0k $6.2m | New |
| Covalis Capital LLP 0.33% of their portfolio | 213.9k $5.8m | Reduced -557.4k |
| Dana Investment Advisors, Inc. 0.15% of their portfolio | 210.0k $5.7m | Added +4.6k |
| Partners Group Holding AG 0.34% of their portfolio | 185.2k $5.0m | Added +94.1k |
| CAPITOLIS LIQUID GLOBAL MARKETS LLC 0.02% of their portfolio | 184.0k $5.0m | Unchanged |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.01% of their portfolio | 182.4k $4.9m | Added +151.6k |
| HAHN CAPITAL MANAGEMENT LLC 2.97% of their portfolio | 181.1k $4.9m | Reduced -6.5k |
| MARSHALL WACE, LLP 0.00% of their portfolio | 174.8k $4.7m | Added +134.0k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 171.4k $4.6m | Reduced -7.5k |
| ALGERT GLOBAL LLC 0.05% of their portfolio | 164.6k $4.5m | Reduced -187.9k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 162.7k $4.4m | Reduced -2.5k |
| Verition Fund Management LLC 0.03% of their portfolio | 160.0k $4.3m | New |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 159.3k $4.3m | Added +142.3k |
| VAN ECK ASSOCIATES CORP 0.00% of their portfolio | 153.2k $4.1m | Added +74.0k |
| Man Group plc 0.01% of their portfolio | 149.8k $4.1m | New |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 148.2k $4.0m | Added +95.6k |
| AMICA MUTUAL INSURANCE CO 0.32% of their portfolio | 143.6k $3.9m | Added +36.2k |
| HOHIMER WEALTH MANAGEMENT, LLC 0.40% of their portfolio | 143.5k $3.9m | Added +4.3k |
| OMERS ADMINISTRATION Corp 0.02% of their portfolio | 141.2k $3.8m | New |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 129.1k $3.5m | Reduced -6.0k |
| Modera Wealth Management, LLC 0.04% of their portfolio | 128.1k $3.5m | Reduced -2.1k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 113.6k $3.1m | Added +12.6k |
| CITIGROUP INC 0.00% of their portfolio | 109.7k $3.0m | Added +191 |
| Robeco Institutional Asset Management B.V. 0.00% of their portfolio | 104.4k $2.8m | New |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 103.4k $2.8m | Added +1.1k |
| Engineers Gate Manager LP 0.04% of their portfolio | 103.2k $2.8m | Added +51.0k |
| INTECH INVESTMENT MANAGEMENT LLC 0.02% of their portfolio | 86.1k $2.3m | Reduced -101.7k |