Paul Tudor Jones’ Hedge Fund Buys 7 Million Shares of Warner Bros. Discovery. The WBD Stock Turnaround Could Finally Be Here.

Paul Tudor Jones recently made a bold call on Warner Bros. Discovery (WBD). His firm, Tudor Investment, recently initiated a brand-new position of 7.06 million WBD shares, valued at roughly $193.7 million, according to a recent regulatory filing. That is a conviction bet — and given everything happening inside the company right now, it may be one of the most interesting media investments of 2026.

WBD stock has been a turnaround story in progress. Streaming losses have flipped to profits, subscriber growth is accelerating, and content quality is at a multi-decade high. Moreover, a pending acquisition by Paramount Skydance (PSKY) adds a potential near-term catalyst that most investors are not yet pricing in correctly.