Warner Bros. Discovery, Inc.

WBD

Form 4 • Statement of Changes in Beneficial Ownership

SEC Accession Number: 0001694392-26-000006
Filing date: Mar 5, 2026
Earliest execution date: Mar 3, 2026
Reporting Owners: Wiedenfels Gunnar (CFO)

Summary

Type

Sell

Net shares

-1,021,304

% of shares

-17.69%

Amount (USD)

$28,775,503

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

-29,401.0

Price per Share

$28.20

Amount (USD)

$829,108.20

Acquired/Disposed

Disposed

Shares Owned Before

1,338,551.0

Shares Owned After

1,309,150.0

Transaction 2

Security

Series A Common Stock

Action

Sell

Date

2026-03-03

Code

S

Net shares

-617,580.0

Price per Share

$28.25

Amount (USD)

$17,446,635.00

Acquired/Disposed

Disposed

Shares Owned Before

1,309,150.0

Shares Owned After

691,570.0

Transaction 3

Security

Series A Common Stock

Action

Exercise

Date

2026-03-04

Code

M

Net shares

+91,418.0

Price per Share

$15.02

Amount (USD)

$1,373,098.36

Acquired/Disposed

Acquired

Shares Owned Before

691,570.0

Shares Owned After

782,988.0

Transaction 4

Security

Series A Common Stock

Action

Sell

Date

2026-03-04

Code

S

Net shares

-91,418.0

Price per Share

$28.05

Amount (USD)

$2,564,274.90

Acquired/Disposed

Disposed

Shares Owned Before

782,988.0

Shares Owned After

691,570.0

Transaction 5

Security

Series A Common Stock

Action

Exercise

Date

2026-03-04

Code

M

Net shares

+131,127.0

Price per Share

$8.67

Amount (USD)

$1,136,871.09

Acquired/Disposed

Acquired

Shares Owned Before

691,570.0

Shares Owned After

822,697.0

Transaction 6

Security

Series A Common Stock

Action

Sell

Date

2026-03-04

Code

S

Net shares

-131,127.0

Price per Share

$28.05

Amount (USD)

$3,678,112.35

Acquired/Disposed

Disposed

Shares Owned Before

822,697.0

Shares Owned After

691,570.0

Transaction 7

Security

Series A Common Stock

Action

Exercise

Date

2026-03-04

Code

M

Net shares

+123,588.0

Price per Share

$11.02

Amount (USD)

$1,361,939.76

Acquired/Disposed

Acquired

Shares Owned Before

691,570.0

Shares Owned After

815,158.0

Transaction 8

Security

Series A Common Stock

Action

Sell

Date

2026-03-04

Code

S

Net shares

-123,588.0

Price per Share

$28.05

Amount (USD)

$3,466,643.40

Acquired/Disposed

Disposed

Shares Owned Before

815,158.0

Shares Owned After

691,570.0

Transaction 9

Security

Series A Common Stock

Action

Sell

Date

2026-03-04

Code

S

Net shares

-28,190.0

Price per Share

$28.05

Amount (USD)

$790,729.50

Acquired/Disposed

Disposed

Shares Owned Before

691,570.0

Shares Owned After

663,380.0

Derivative Transactions

Transaction 1

Security

Employee Stock Option (right to acquire)

Action

Exercise

Date

2026-03-04

Code

M

Net shares

-91,418.0

Acquired/Disposed

Disposed

Shares Owned Before

91,418.0

Shares Owned After

0.0

Transaction 2

Security

Employee Stock Option (right to acquire)

Action

Exercise

Date

2026-03-04

Code

M

Net shares

-131,127.0

Acquired/Disposed

Disposed

Shares Owned Before

266,229.0

Shares Owned After

135,102.0

Transaction 3

Security

Employee Stock Option

Action

Exercise

Date

2026-03-04

Code

M

Net shares

-123,588.0

Acquired/Disposed

Disposed

Shares Owned Before

374,512.0

Shares Owned After

250,924.0

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 $28.17 to $28.44 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 $28.19 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. This option vests in three installments (33%, 33%, 34%) beginning on March 1, 2024.

4. As initially granted, this option vests in three substantially equal annual installments beginning March 1, 2025.

5. 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.