Warner Bros. Discovery (WBD) director logs intra-plan transfer of 11,046 shares at $27

Rhea-AI Filing Summary

Warner Bros. Discovery, Inc. director Paula A. Price reported an intra-plan transfer involving 11,046 shares of Series A Common Stock valued at $27.00 per share. The move shifted value from the company stock fund to another investment option within the Warner Bros. Discovery, Inc. Non-Employee Directors Deferral Plan.

The filing describes this as a discretionary transaction exempt under Rule 16b-3(f), meaning it is a plan-level reallocation rather than an open-market trade. After this transaction, Price’s directly held Series A Common Stock position reported in the plan totaled 83,151 shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Price Paula A

Role null

Type	Security	Shares	Price	Value
I	Series A Common Stock	11,046	$27.00	$298K

Holdings After Transaction: Series A Common Stock — 83,151 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares transferred: 11,046 shares Transfer price: $27.00 per share Shares after transaction: 83,151 shares

3 metrics

Shares transferred 11,046 shares Discretionary intra-plan transfer of Series A Common Stock

Transfer price $27.00 per share Value used for intra-plan transfer

Shares after transaction 83,151 shares Directly held Series A Common Stock following transfer

Key Terms

discretionary transaction, Rule 16b-3(f), Non-Employee Directors Deferral Plan

3 terms

discretionary transaction financial

"The transaction was a discretionary transaction exempt under Rule 16b-3(f)."

Rule 16b-3(f) regulatory

"The transaction was a discretionary transaction exempt under Rule 16b-3(f)."

Non-Employee Directors Deferral Plan financial

"under the Warner Bros. Discovery, Inc. Non-Employee Directors Deferral Plan."

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Form 4 Insider Transactions: What Each Field Means →

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^*

Price Paula A

(Last) (First) (Middle)

230 PARK AVENUE SOUTH

(Street)

NEW YORK NEW YORK 10003

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/04/2026

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

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

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

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	06/04/2026		I		11,046(1)	D	$27	83,151	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 Reporting Person effected an intra-plan transfer of funds held in the company stock fund to another investment option under the Warner Bros. Discovery, Inc. Non-Employee Directors Deferral Plan. The transaction was a discretionary transaction exempt under Rule 16b-3(f).

Remarks:

	Tara L. Smith, by power of attorney	06/08/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did Warner Bros. Discovery (WBD) director Paula A. Price report in this Form 4?

Paula A. Price reported a discretionary intra-plan transfer involving 11,046 shares of Series A Common Stock at $27.00 per share. The transfer moved funds from the company stock fund to another investment option under the Warner Bros. Discovery, Inc. Non-Employee Directors Deferral Plan.

Was Paula A. Price’s WBD Form 4 transaction a market buy or sell?

The filing describes the event as a discretionary intra-plan transfer, not a market purchase or sale. It reallocated value between the company stock fund and another investment option within the Non-Employee Directors Deferral Plan and is exempt under Rule 16b-3(f).

How many Warner Bros. Discovery shares were affected in Paula A. Price’s intra-plan transfer?

The transaction covered 11,046 shares of Warner Bros. Discovery Series A Common Stock. These shares were valued at $27.00 per share for the purposes of the intra-plan transfer within the company’s Non-Employee Directors Deferral Plan.

What is Paula A. Price’s reported WBD share balance after this Form 4 transaction?

After the reported intra-plan transfer, Paula A. Price’s directly held Series A Common Stock balance shown in the filing is 83,151 shares. This figure reflects her holdings following the discretionary plan transaction under the Non-Employee Directors Deferral Plan.

Why is Paula A. Price’s WBD transaction described as exempt under Rule 16b-3(f)?

The filing states the transaction was a discretionary intra-plan transfer under the Warner Bros. Discovery, Inc. Non-Employee Directors Deferral Plan. It is characterized as exempt under Rule 16b-3(f), which governs certain insider transactions within issuer-sponsored benefit or compensation plans.

What plan is referenced in Paula A. Price’s Warner Bros. Discovery Form 4 footnote?

The footnote references the Warner Bros. Discovery, Inc. Non-Employee Directors Deferral Plan. The intra-plan transfer moved funds from the plan’s company stock fund to another investment option offered within this deferral plan framework.