Warner Bros. Discovery (WBD) insider reports sale of 1,635,449 shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Warner Bros. Discovery, Inc. Chief Revenue & Strategy Officer Bruce Campbell reported a combination of option exercises and share sales. On March 4, 2026, he exercised multiple employee stock options, converting them into Series A common stock at exercise prices ranging from $8.67 to $25.70 per share.
He and related entities then sold a total of 1,635,449 shares of Series A common stock in open-market transactions, largely at or around $28.00 per share, with weighted average prices detailed in footnotes. These include 53,795 shares sold by a spouse as trustee for children and 1,323 shares sold by an LLC through a grantor retained annuity trust.
On March 3, 2026, 31,765 shares were also disposed of at $28.20 per share to cover tax obligations related to equity compensation. After these transactions, Campbell’s directly held Series A common stock stands at 690,028 shares, while the noted indirect holdings are reported as reduced to zero.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 1,635,449 shares ($45,792,572)
Net Sell
19 txns
Insider
Campbell Bruce
Role
Chief Rev & Strategy Officer
Sold
1,635,449 shs ($45.79M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option | 183,346 | $0.00 | -- |
| Exercise | Employee Stock Option | 285,679 | $0.00 | -- |
| Exercise | Employee Stock Option | 139,323 | $0.00 | -- |
| Exercise | Employee Stock Option | 131,313 | $0.00 | -- |
| Exercise | Employee Stock Option | 15,448 | $0.00 | -- |
| Exercise | Series A Common Stock | 183,346 | $25.70 | $4.71M |
| Sale | Series A Common Stock | 183,346 | $28.00 | $5.13M |
| Exercise | Series A Common Stock | 285,679 | $15.02 | $4.29M |
| Sale | Series A Common Stock | 285,679 | $28.00 | $8.00M |
| Exercise | Series A Common Stock | 139,323 | $8.67 | $1.21M |
| Sale | Series A Common Stock | 139,323 | $28.00 | $3.90M |
| Exercise | Series A Common Stock | 131,313 | $11.02 | $1.45M |
| Sale | Series A Common Stock | 131,313 | $28.00 | $3.68M |
| Exercise | Series A Common Stock | 15,448 | $11.85 | $183K |
| Sale | Series A Common Stock | 15,448 | $28.00 | $433K |
| Sale | Series A Common Stock | 825,222 | $28.00 | $23.11M |
| Sale | Series A Common Stock | 53,795 | $28.00 | $1.51M |
| Sale | Series A Common Stock | 1,323 | $28.00 | $37K |
| Tax Withholding | Series A Common Stock | 31,765 | $28.20 | $896K |
Holdings After Transaction:
Employee Stock Option — 0 shares (Direct);
Series A Common Stock — 1,398,596 shares (Direct);
Series A Common Stock — 0 shares (Indirect, By spouse as trustee for children)
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. 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. 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. 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. 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. 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. 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. This option vests in three installments (33%, 33%, 34%) beginning on March 1, 2024. This option vests in three installments (33%, 33%, 34%) beginning on March 1, 2025. This option vests in three installments (33%, 33%, 34%) beginning on March 3, 2026.
FAQ
What insider transactions did WBD executive Bruce Campbell report on this Form 4?
Bruce Campbell reported exercising multiple employee stock options and selling 1,635,449 shares of Warner Bros. Discovery Series A common stock, along with a 31,765-share tax-related disposition, all occurring on March 3–4, 2026 according to the filing.
What stock option exercises did Bruce Campbell report for Warner Bros. Discovery (WBD)?
On March 4, 2026, Campbell exercised several employee stock options, converting blocks of 183,346, 285,679, 139,323, 131,313, and 15,448 options into Series A common shares at exercise prices from $8.67 to $25.70, according to the detailed transaction table.
What vesting schedules are disclosed for Bruce Campbell’s Warner Bros. Discovery stock options?
Footnotes state that certain options vest in three installments of 33%, 33%, and 34%, beginning on March 1, 2024, March 1, 2025, and March 3, 2026 respectively. These schedules outline when portions of the option grants become exercisable under the company’s equity plans.