The Lacuna Project

lacuna (n.) a gap in a record where something should be

Independent research. Not affiliated with any government, agency, or company.

Company

Warner Bros. Discovery, Inc.

Findings that rest on exhibits naming this entity

  • INF-1.3: Proxy statements filed from January to September 2026 list at least one of Vanguard, BlackRock and State Street as holding more than 5 percent of the common stock of each of 17 companies: eight media, five pharmaceutical and four defense. The listed stakes run from 5.1 to 14.9 percent, and 14 of the 17 proxies cite at least one Schedule 13G filed between January and April 2024, so the percentages describe holdings on dates from 31 December 2023 to 30 June 2026.
  • INF-1.5: In the latest annual reports reviewed, advertising supplied 20.0 percent of New York Times revenue (2025), 43.0 percent of Nexstar revenue (2025) and 58.5 percent of Fox's Television segment revenue (fiscal 2026). Distribution or affiliate fees exceeded advertising at Nexstar (55.3 percent against 43.0), Warner Bros. Discovery (51.6 percent against 19.6) and Disney's Linear Networks segment (67.8 percent against 30.5).
  • INF-1.16: The filings reviewed do not state how much of each outlet's advertising revenue comes from pharmaceutical advertisers, and no document read shows whether coverage by the stations Nexstar and TEGNA operate changed after the March 2026 waiver. The court order requires Nexstar to hold TEGNA separate and not to influence its management, including newsroom personnel and programming, pending final judgment.

Exhibits naming this entity

  • Exhibit 960 30 April 2026. Warner Bros. Discovery, Inc.: Warner Bros. Discovery, Inc. definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 983 27 February 2026. Warner Bros. Discovery, Inc.: Warner Bros. Discovery, Inc. annual report (Form 10-K), revenue by source