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 ($32.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $34.06. Options: 10 managers hold calls ($66.3m notional), 8 hold puts ($8.0m).
Trends to Q3 2025
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 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 120 | 99 |
| Q1 2024 | 152 | 101 |
| Q2 2024 | 136 | 134 |
| Q3 2024 | 149 | 134 |
| Q4 2024 | 120 | 132 |
| Q1 2025 | 159 | 113 |
| Q2 2025 | 121 | 141 |
| Q3 2025 | 178 | 119 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $50.1m | $6.3m | 0.13 |
| Q1 2025 | $104.6m | $9.4m | 0.09 |
| Q2 2025 | $69.5m | $5.4m | 0.08 |
| Q3 2025 | $66.3m | $8.0m | 0.12 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +14.0m |
| Thrivent Financial for Lutherans | Added | +2.1m |
| MILLENNIUM MANAGEMENT LLC | Added | +2.0m |
| VANGUARD GROUP INC | Added | +1.8m |
| BARCLAYS PLC | Added | +1.8m |
| UBS Group AG | Added | +1.2m |
| Freestone Grove Partners LP | New | +1.1m |
| Engineers Gate Manager LP | Added | +970.2k |
| Meridiem Capital Partners LP | New | +871.8k |
| GOLDMAN SACHS GROUP INC | Added | +849.3k |
Biggest sellers
| Mawer Investment Management Ltd. | Reduced | -7.1m |
| Darsana Capital Partners LP | Reduced | -1.8m |
| Jain Global LLC | Reduced | -1.1m |
| CITADEL ADVISORS LLC | Reduced | -934.6k |
| Point72 Asset Management, L.P. | Sold out | -830.9k |
| HARRIS ASSOCIATES L P | Reduced | -688.8k |
| Covalis Capital LLP | Sold out | -566.6k |
| Artisan Partners Limited Partnership | Reduced | -549.1k |
| MARSHALL WACE, LLP | Reduced | -391.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Reduced | -386.1k |
Biggest calls
| JANE STREET GROUP, LLC | Added | $23.9m702.3k shares |
| CITADEL ADVISORS LLC | Added | $17.3m509.2k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $9.4m276.8k shares |
| Point72 Asset Management, L.P. | Unchanged | $4.9m143.0k shares |
| GROUP ONE TRADING LLC | Added | $4.6m134.7k shares |
| SIMPLEX TRADING, LLC | Reduced | $2.5m72.1k shares |
| WOLVERINE TRADING, LLC | Added | $1.7m50.7k shares |
| IMC-Chicago, LLC | Added | $994.6k29.2k shares |
| Walleye Trading LLC | Reduced | $902.6k26.5k shares |
| Walleye Capital LLC | Added | $57.9k1.7k shares |
Biggest puts
| BANK OF AMERICA CORP /DE/ | Unchanged | $3.4m100.0k shares |
| Point72 Asset Management, L.P. | Unchanged | $1.8m52.6k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $1.1m31.9k shares |
| CITADEL ADVISORS LLC | Added | $780.0k22.9k shares |
| Walleye Trading LLC | Added | $674.4k19.8k shares |
| Walleye Capital LLC | Reduced | $160.1k4.7k shares |
| SIMPLEX TRADING, LLC | Added | $78.0k2.3k shares |
| GROUP ONE TRADING LLC | Reduced | $30.7k900 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)
Insider purchases and sales in Q3 2025
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 2023 | 0 | — | 1 | $29.0m | — |
| Q1 2024 | 0 | — | 1 | $2.6m | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 1 | $26.2m | — |
| Q4 2024 | 0 | — | 1 | $1.1m | — |
| Q1 2025 | 0 | — | 3 | $1.3m | — |
| Q2 2025 | 0 | — | 1 | $31.4k | — |
| Q3 2025 | 0 | — | 0 | — | — |
None reported in Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| JPMORGAN CHASE & CO 0.03% of their portfolio | 28.9m $984.0m | Added +14.0m |
| VANGUARD GROUP INC 0.01% of their portfolio | 16.9m $576.1m | Added +1.8m |
| Independent Franchise Partners LLP 2.95% of their portfolio | 13.2m $448.0m | Reduced -126.8k |
| DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP 13.79% of their portfolio | 12.0m $408.6m | Unchanged |
| BlackRock, Inc. 0.01% of their portfolio | 9.3m $317.2m | Reduced -109.9k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 0.97% of their portfolio | 8.9m $303.6m | Added +363.1k |
| Darsana Capital Partners LP 5.01% of their portfolio | 6.2m $212.9m | Reduced -1.8m |
| FIL Ltd 0.16% of their portfolio | 5.8m $198.7m | Added +22.1k |
| COOKE & BIELER LP 1.85% of their portfolio | 5.3m $179.0m | Reduced -385.5k |
| MILLENNIUM MANAGEMENT LLC 0.09% of their portfolio | 3.2m $108.4m | Added +2.0m |
| STATE STREET CORP 0.00% of their portfolio | 2.6m $87.6m | Added +27.4k |
| ROYAL BANK OF CANADA 0.02% of their portfolio | 2.6m $87.2m | Reduced -363.5k |
| FMR LLC 0.00% of their portfolio | 2.3m $79.4m | Added +125.8k |
| UBS Group AG 0.01% of their portfolio | 2.2m $75.8m | Added +1.2m |
| Thrivent Financial for Lutherans 0.15% of their portfolio | 2.2m $74.0m | Added +2.1m |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 2.2m $73.3m | Added +130.3k |
| HARRIS ASSOCIATES L P 0.11% of their portfolio | 2.1m $70.5m | Reduced -688.8k |
| BARCLAYS PLC 0.02% of their portfolio | 1.9m $63.4m | Added +1.8m |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 1.8m $62.3m | Added +849.3k |
| FAIRVIEW CAPITAL INVESTMENT MANAGEMENT, LLC 2.57% of their portfolio | 1.5m $50.6m | Reduced -33.4k |
| Artisan Partners Limited Partnership 0.07% of their portfolio | 1.5m $50.3m | Reduced -549.1k |
| MORGAN STANLEY 0.00% of their portfolio | 1.4m $48.4m | Added +435.4k |
| NEUBERGER BERMAN GROUP LLC 0.03% of their portfolio | 1.4m $47.2m | Added +203.4k |
| Engineers Gate Manager LP 0.49% of their portfolio | 1.3m $42.8m | Added +970.2k |
| CITADEL ADVISORS LLC 0.03% of their portfolio | 1.2m $39.4m | Reduced -934.6k |
| RENAISSANCE TECHNOLOGIES LLC 0.05% of their portfolio | 1.1m $39.0m | Added +576.8k |
| DigitalBridge Group, Inc. 3.15% of their portfolio | 1.1m $38.7m | Added +330.3k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.1m $38.7m | Reduced -11.8k |
| Freestone Grove Partners LP 0.27% of their portfolio | 1.1m $36.8m | New |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.0m $35.5m | Added +27.4k |
| E. Ohman J:or Asset Management AB 0.81% of their portfolio | 1.0m $34.5m | Reduced -36.3k |
| Jain Global LLC 0.42% of their portfolio | 946.9k $32.3m | Reduced -1.1m |
| Man Group plc 0.06% of their portfolio | 928.2k $31.6m | Added +835.9k |
| Meridiem Capital Partners LP 2.05% of their portfolio | 871.8k $29.7m | New |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 854.5k $29.1m | Added +22.1k |
| WESTWOOD HOLDINGS GROUP INC 0.18% of their portfolio | 742.7k $25.3m | New |
| NORTHERN TRUST CORP 0.00% of their portfolio | 694.1k $23.6m | Reduced -4.4k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 679.9k $23.2m | Added +141.8k |
| Perpetual Ltd 0.28% of their portfolio | 655.3k $22.3m | Reduced -5.2k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 561.8k $19.1m | Added +537.5k |
| Invesco Ltd. 0.00% of their portfolio | 552.5k $18.8m | Added +359.0k |
| Schonfeld Strategic Advisors LLC 0.13% of their portfolio | 545.0k $18.6m | Reduced -68.6k |
| SEI INVESTMENTS CO 0.02% of their portfolio | 539.3k $18.4m | Added +323.7k |
| Assenagon Asset Management S.A. 0.02% of their portfolio | 495.4k $16.9m | New |
| AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 470.4k $16.0m | Reduced -167.7k |
| Russell Investments Group, Ltd. 0.02% of their portfolio | 468.0k $15.8m | Reduced -16.4k |
| River Road Asset Management, LLC 0.17% of their portfolio | 447.9k $15.3m | Reduced -119.9k |
| RBO & CO LLC 2.37% of their portfolio | 444.5k $15.1m | Reduced -9.4k |
| Retirement Systems of Alabama 0.05% of their portfolio | 428.5k $14.6m | Reduced -1.9k |
| BOOTHBAY FUND MANAGEMENT, LLC 0.36% of their portfolio | 422.6k $14.4m | Added +162.8k |
| Balyasny Asset Management L.P. 0.03% of their portfolio | 395.5k $13.5m | New |
| ASSETMARK, INC 0.03% of their portfolio | 350.3k $11.9m | Added +73.0k |
| Legal & General Group Plc 0.00% of their portfolio | 327.1k $11.1m | Added +28.8k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 318.6k $10.9m | Reduced -6.0k |
| Mawer Investment Management Ltd. 0.06% of their portfolio | 314.1k $10.7m | Reduced -7.1m |
| Alyeska Investment Group, L.P. 0.03% of their portfolio | 311.3k $10.6m | New |
| Crossmark Global Holdings, Inc. 0.15% of their portfolio | 295.4k $10.1m | Reduced -12.8k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 294.3k $10.0m | Reduced -2.6k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 293.6k $10.0m | Reduced -8.4k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.01% of their portfolio | 290.4k $9.9m | Added +20.3k |
| TUDOR INVESTMENT CORP ET AL 0.06% of their portfolio | 284.9k $9.7m | New |
| HighTower Advisors, LLC 0.01% of their portfolio | 268.6k $9.1m | Reduced -3.6k |
| Joel Isaacson & Co., LLC 0.32% of their portfolio | 260.1k $8.9m | Reduced -8.5k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 253.9k $8.6m | Reduced -3.7k |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 247.6k $8.4m | New |
| HAHN CAPITAL MANAGEMENT LLC 3.97% of their portfolio | 243.1k $8.3m | Reduced -11.1k |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 236.3k $8.0m | Added +750 |
| Polar Asset Management Partners Inc. 0.13% of their portfolio | 191.8k $6.5m | Reduced -67.1k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 181.0k $6.2m | Added +96.2k |
| Verition Fund Management LLC 0.03% of their portfolio | 175.5k $6.0m | Added +73.2k |
| BENJAMIN EDWARDS INC 0.06% of their portfolio | 168.4k $5.7m | Added +11.4k |
| VAN ECK ASSOCIATES CORP 0.01% of their portfolio | 168.3k $5.7m | Added +67.2k |
| Aquatic Capital Management LLC 0.10% of their portfolio | 158.1k $5.4m | First filing |
| Arlington Partners LLC 1.81% of their portfolio | 153.4k $5.2m | Added +92.0k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 149.4k $5.1m | New |
| ExodusPoint Capital Management, LP 0.07% of their portfolio | 141.0k $4.8m | Added +74.4k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 123.3k $4.2m | Reduced -3.2k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 121.9k $4.2m | Reduced -6.4k |
| Modera Wealth Management, LLC 0.04% of their portfolio | 110.6k $3.8m | Added +8.3k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 107.4k $3.7m | Reduced -7.0k |
| MARSHALL WACE, LLP 0.00% of their portfolio | 105.5k $3.6m | Reduced -391.1k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 104.4k $3.6m | New |
| Maytus Capital Management, LLC 0.62% of their portfolio | 84.4k $2.9m | Reduced -85.0k |
| DARK FOREST CAPITAL MANAGEMENT LP 0.10% of their portfolio | 78.9k $2.7m | New |
| HRT FINANCIAL LP 0.01% of their portfolio | 76.7k $2.6m | New |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 76.1k $2.6m | New |
| Greenland Capital Management LP 0.38% of their portfolio | 75.0k $2.6m | New |
| Campbell & CO Investment Adviser LLC 0.19% of their portfolio | 74.3k $2.5m | Added +65.7k |
| GAMCO INVESTORS, INC. ET AL 0.02% of their portfolio | 73.0k $2.5m | Reduced -900 |
| MetLife Investment Management, LLC 0.01% of their portfolio | 72.5k $2.5m | Reduced -3.6k |
| Wealthfront Advisers LLC 0.01% of their portfolio | 71.0k $2.4m | New |
| OCCUDO QUANTITATIVE STRATEGIES LP 0.29% of their portfolio | 69.9k $2.4m | New |
| MML INVESTORS SERVICES, LLC 0.01% of their portfolio | 67.9k $2.3m | Reduced -1.6k |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 67.4k $2.3m | Reduced -5.2k |
| Lighthouse Investment Partners, LLC 0.08% of their portfolio | 67.0k $2.3m | New |
| Kerrisdale Advisers, LLC 1.17% of their portfolio | 66.5k $2.3m | Unchanged |
| Quantbot Technologies LP 0.06% of their portfolio | 62.9k $2.1m | New |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 62.2k $2.1m | Reduced -49 |
| State of Tennessee, Department of Treasury 0.01% of their portfolio | 60.6k $2.1m | Added +4.0k |
| AMALGAMATED BANK 0.01% of their portfolio | 59.3k $2.0m | Added +190 |