WBD exec sells 600,000 Warner Bros. Discovery shares

Rhea-AI Filing Summary

Warner Bros. Discovery, Inc. executive Gerhard Zeiler, President, International, reported selling 600,000 shares of Series A common stock in an open-market transaction at a weighted average price of $28.02 per share on March 4, 2026, leaving 672,649 shares held directly.

On March 3, 2026, he also reported a tax-withholding disposition of 23,757 shares at $28.20 per share related to payment of tax liabilities, after which his direct holdings were 1,272,649 shares before the subsequent sale.

Insider Trade Summary

Net Seller: 600,000 shares

Net Sell 2 txns

Insider Zeiler Gerhard

Role President, International

Sold 600,000 shs ($16.81M)

Type	Security	Shares	Price	Value
Sale	Series A Common Stock	600,000	$28.02	$16.81M
Exercise Price or Tax Liability	Series A Common Stock	23,757	$28.20	$670K

Holdings After Transaction: Series A Common Stock — 672,649 shares (Direct)

Footnotes (1)

1. F1. 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 $28.12 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did WBD executive Gerhard Zeiler report?

Gerhard Zeiler reported two transactions in Warner Bros. Discovery stock. He disposed of 23,757 shares for tax withholding on March 3, 2026, then sold 600,000 Series A common shares in an open-market transaction on March 4, 2026 at a weighted average price of $28.02.

How many Warner Bros. Discovery (WBD) shares did Gerhard Zeiler sell?

Gerhard Zeiler sold 600,000 shares of Warner Bros. Discovery Series A common stock. The sale occurred on March 4, 2026 in an open-market transaction at a weighted average price of $28.02 per share, according to the reported Form 4 insider transaction data.

What was the purpose of Gerhard Zeiler’s 23,757-share WBD disposition?

The 23,757-share disposition on March 3, 2026 was reported as a tax-withholding transaction. Shares of Warner Bros. Discovery Series A common stock were delivered to cover tax liabilities, with the transaction coded “F,” indicating payment of tax obligations using securities rather than cash.

What is Gerhard Zeiler’s role at Warner Bros. Discovery (WBD)?

Gerhard Zeiler is identified as an officer of Warner Bros. Discovery, serving as President, International. His position and transactions are disclosed in the insider report, which lists him as a reporting person with direct ownership of the Series A common stock involved in the transactions.

How many WBD shares does Gerhard Zeiler hold after the reported sale?

After the March 4, 2026 open-market sale of 600,000 shares, Gerhard Zeiler directly holds 672,649 shares of Warner Bros. Discovery Series A common stock. This post-transaction balance is stated in the insider filing as the total shares owned following completion of the sale.

What price range applied to Gerhard Zeiler’s 600,000-share WBD sale?

The 600,000-share sale was executed in multiple trades with prices ranging from $27.93 to $28.12 per share. The reported transaction price of $28.02 represents the weighted average price across these trades, as disclosed in the accompanying footnote to the insider transaction.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/05/2026 - 05:51 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Zeiler Gerhard

(Last) (First) (Middle)

230 PARK AVENUE SOUTH

(Street)

NEW YORK NY 10003

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Warner Bros. Discovery, Inc. [ WBD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, International

3. Date of Earliest Transaction (Month/Day/Year)
03/03/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Series A Common Stock	03/03/2026		F		23,757	D	$28.2	1,272,649	D
Series A Common Stock	03/04/2026		S		600,000	D	$28.02(1)	672,649	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

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 $28.12 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.

Remarks:

	Tara L. Smith, by power of attorney	03/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.