Warner Bros. Discovery, Inc.

WBD

Form 4 • Statement of Changes in Beneficial Ownership

SEC Accession Number: 0001421985-26-000006
Filing date: Mar 5, 2026
Earliest execution date: Mar 3, 2026

Summary

Type

Sell

Net shares

-1,667,214

% of shares

-17.28%

Amount (USD)

$46,688,345

Insider confidence score

15.0 out of 100

Negative

  • Large discretionary sell (≥1% of shares)
  • Massive sell amount ($10M+)

Stock transactions

Transaction 1

Security

Series A Common Stock

Action

Tax_withhold

Date

2026-03-03

Code

F

Net shares

-31,765.0

Price per Share

$28.20

Amount (USD)

$895,773.00

Acquired/Disposed

Disposed

Shares Owned Before

1,247,015.0

Shares Owned After

1,215,250.0

Transaction 2

Security

Series A Common Stock

Action

Exercise

Date

2026-03-04

Code

M

Net shares

+183,346.0

Price per Share

$25.70

Amount (USD)

$4,711,992.20

Acquired/Disposed

Acquired

Shares Owned Before

1,215,250.0

Shares Owned After

1,398,596.0

Transaction 3

Security

Series A Common Stock

Action

Sell

Date

2026-03-04

Code

S

Net shares

-183,346.0

Price per Share

$28.00

Amount (USD)

$5,133,688.00

Acquired/Disposed

Disposed

Shares Owned Before

1,398,596.0

Shares Owned After

1,215,250.0

Transaction 4

Security

Series A Common Stock

Action

Exercise

Date

2026-03-04

Code

M

Net shares

+285,679.0

Price per Share

$15.02

Amount (USD)

$4,290,898.58

Acquired/Disposed

Acquired

Shares Owned Before

1,215,250.0

Shares Owned After

1,500,929.0

Transaction 5

Security

Series A Common Stock

Action

Sell

Date

2026-03-04

Code

S

Net shares

-285,679.0

Price per Share

$28.00

Amount (USD)

$7,999,012.00

Acquired/Disposed

Disposed

Shares Owned Before

1,500,929.0

Shares Owned After

1,215,250.0

Transaction 6

Security

Series A Common Stock

Action

Exercise

Date

2026-03-04

Code

M

Net shares

+139,323.0

Price per Share

$8.67

Amount (USD)

$1,207,930.41

Acquired/Disposed

Acquired

Shares Owned Before

1,215,250.0

Shares Owned After

1,354,573.0

Transaction 7

Security

Series A Common Stock

Action

Sell

Date

2026-03-04

Code

S

Net shares

-139,323.0

Price per Share

$28.00

Amount (USD)

$3,901,044.00

Acquired/Disposed

Disposed

Shares Owned Before

1,354,573.0

Shares Owned After

1,215,250.0

Transaction 8

Security

Series A Common Stock

Action

Exercise

Date

2026-03-04

Code

M

Net shares

+131,313.0

Price per Share

$11.02

Amount (USD)

$1,447,069.26

Acquired/Disposed

Acquired

Shares Owned Before

1,215,250.0

Shares Owned After

1,346,563.0

Transaction 9

Security

Series A Common Stock

Action

Sell

Date

2026-03-04

Code

S

Net shares

-131,313.0

Price per Share

$28.00

Amount (USD)

$3,676,764.00

Acquired/Disposed

Disposed

Shares Owned Before

1,346,563.0

Shares Owned After

1,215,250.0

Transaction 10

Security

Series A Common Stock

Action

Exercise

Date

2026-03-04

Code

M

Net shares

+15,448.0

Price per Share

$11.85

Amount (USD)

$183,058.80

Acquired/Disposed

Acquired

Shares Owned Before

1,215,250.0

Shares Owned After

1,230,698.0

Transaction 11

Security

Series A Common Stock

Action

Sell

Date

2026-03-04

Code

S

Net shares

-15,448.0

Price per Share

$28.00

Amount (USD)

$432,544.00

Acquired/Disposed

Disposed

Shares Owned Before

1,230,698.0

Shares Owned After

1,215,250.0

Transaction 12

Security

Series A Common Stock

Action

Sell

Date

2026-03-04

Code

S

Net shares

-825,222.0

Price per Share

$28.00

Amount (USD)

$23,106,216.00

Acquired/Disposed

Disposed

Shares Owned Before

1,515,250.0

Shares Owned After

690,028.0

Transaction 13

Security

Series A Common Stock

Action

Sell

Date

2026-03-04

Code

S

Net shares

-53,795.0

Price per Share

$28.00

Amount (USD)

$1,506,260.00

Acquired/Disposed

Disposed

Shares Owned Before

53,795.0

Shares Owned After

0.0

Transaction 14

Security

Series A Common Stock

Action

Sell

Date

2026-03-04

Code

S

Net shares

-1,323.0

Price per Share

$28.00

Amount (USD)

$37,044.00

Acquired/Disposed

Disposed

Shares Owned Before

1,323.0

Shares Owned After

0.0

Derivative Transactions

Transaction 1

Security

Employee Stock Option

Action

Exercise

Date

2026-03-04

Code

M

Net shares

-183,346.0

Acquired/Disposed

Disposed

Shares Owned Before

183,346.0

Shares Owned After

0.0

Transaction 2

Security

Employee Stock Option

Action

Exercise

Date

2026-03-04

Code

M

Net shares

-285,679.0

Acquired/Disposed

Disposed

Shares Owned Before

285,679.0

Shares Owned After

0.0

Transaction 3

Security

Employee Stock Option

Action

Exercise

Date

2026-03-04

Code

M

Net shares

-139,323.0

Acquired/Disposed

Disposed

Shares Owned Before

282,868.0

Shares Owned After

143,545.0

Transaction 4

Security

Employee Stock Option

Action

Exercise

Date

2026-03-04

Code

M

Net shares

-131,313.0

Acquired/Disposed

Disposed

Shares Owned Before

397,919.0

Shares Owned After

266,606.0

Transaction 5

Security

Employee Stock Option

Action

Exercise

Date

2026-03-04

Code

M

Net shares

-15,448.0

Acquired/Disposed

Disposed

Shares Owned Before

46,814.0

Shares Owned After

31,366.0

Filing's footnotes

1. The price reported represents the weighted average price of shares of Series A common stock sold in multiple transactions at prices ranging from $27.93 to $28.09 per share. The reporting person will provide to the Issuer, any security holder of the Issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

2. The price reported represents the weighted average price of shares of Series A common stock sold in multiple transactions at prices ranging from $27.93 to $28.06 per share. The reporting person will provide to the Issuer, any security holder of the Issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

3. The price reported represents the weighted average price of shares of Series A common stock sold in multiple transactions at prices ranging from $27.94 to $28.06 per share. The reporting person will provide to the Issuer, any security holder of the Issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

4. The price reported represents the weighted average price of shares of Series A common stock sold in multiple transactions at prices ranging from $27.93 to $28.11 per share. The reporting person will provide to the Issuer, any security holder of the Issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

5. In March 2025, the reporting person transferred 300,000 shares from his indirect holdings to his direct holdings. As a result, subsequently filed Form 4s underreported his direct holdings in Box 5 by 300,000 shares.

6. In March 2025, the reporting person transferred 144,095 shares from his indirect holdings to his direct holdings. As a result, subsequently filed Form 4s overreported his indirect holdings in Box 5.

7. In March 2025, the reporting person transferred 155,905 shares from his indirect holdings to his direct holdings. As a result, subsequently filed Form 4s overreported his indirect holdings in Box 5.

8. This option vests in three installments (33%, 33%, 34%) beginning on March 1, 2024.

9. This option vests in three installments (33%, 33%, 34%) beginning on March 1, 2025.

10. This option vests in three installments (33%, 33%, 34%) beginning on March 3, 2026.

This page is for informational purposes only. While we strive for accuracy, the summary may contain inaccuracies or omissions. Please refer to the official SEC filing for authoritative information. Open the SEC filing.