Warner Bros. Discovery, Inc. 4

CEO David Zaslav exercised 2,089,876 options and sold a total of 2,184,782 Warner Bros. Discovery Series A Common Stock shares (including spouse-held) for roughly $59.5 million in pre-planned trades.

On July 13, 2026, Warner Bros. Discovery CEO David Zaslav exercised 2,089,876 employee stock options at an exercise price of $10.16 per share, receiving an equal number of Series A Common Stock shares valued at approximately $21.2 million, and on the same day sold 2,089,876 shares at a weighted average price of $27.22 per share for total proceeds of about $56.9 million under a pre-established Rule 10b5-1 trading plan, along with an additional sale of 94,906 shares at the same average price for roughly $2.6 million, leaving him with 6,902,840 shares held directly plus 153 shares held indirectly by his spouse; the option exercise effectively realized a spread of about $35.3 million before taxes and represents part of a larger option grant tied to his 2025 employment agreement, while the sales appear to be a liquidity and diversification event rather than an outright reduction of his overall economic stake.

Filing Facts

CIK

1437107

Ticker

WBD

Form

4

Source Type

sec

Accession

0001318285-26-000013

Alert Tier

7