Warner Bros. Discovery (WBD) director sells 20,000 shares of stock

Rhea-AI Filing Summary

Warner Bros. Discovery, Inc. director Richard W. Fisher reported selling 20,000 shares of Series A Common Stock on 2026-08-12 in an open-market or private transaction. The sale was executed at a weighted average price between $27.46 and $27.47 per share, and Fisher now holds 59,546 shares directly. The transaction was not designated as made pursuant to a Rule 10b5-1 trading plan.

Insider Trade Summary

Net Seller: 20,000 shares

Net Sell 1 txn

Insider FISHER RICHARD W

Role Director

Sold 20,000 shs ($549K)

Type	Security	Shares	Price	Value
Sale	Series A Common Stock F1	20,000	$27.46	$549K

Holdings After Transaction: Series A Common Stock — 59,546 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 $27.46 to $27.47 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.

Key Figures

Shares sold: 20,000 shares Weighted average sale price: $27.46–$27.47 per share Shares owned after transaction: 59,546 shares

3 metrics

Shares sold 20,000 shares Series A Common Stock sold on 2026-08-12 by director Richard W. Fisher

Weighted average sale price $27.46–$27.47 per share Price range for multiple transactions comprising the reported sale

Shares owned after transaction 59,546 shares Direct holdings of Series A Common Stock following the sale

Key Terms

Series A Common Stock, weighted average price, Rule 10b5-1

3 terms

Series A Common Stock financial

"20,000 shares of Series A Common Stock sold by the director"

Series A common stock is a specific class of a company’s ordinary shares issued during an early formal funding round, carrying the ownership rights and voting power tied to that class. For investors it signals an early-stage equity claim with potential upside if the business grows, but also greater risk and typically less liquidity than shares in mature, publicly traded firms—imagine buying a seat on a startup’s team before the company has proven itself.

weighted average price financial

"The price reported represents the weighted average price of shares sold"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

Rule 10b5-1 regulatory

"The transaction was not designated as made pursuant to a Rule 10b5-1 plan"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

FAQ

What insider transaction did Warner Bros. Discovery (WBD) report?

Warner Bros. Discovery reported that director Richard W. Fisher sold 20,000 shares of Series A Common Stock on 2026-08-12. The transaction was a sale in the open market or a private transaction.

At what price did the WBD director sell the 20,000 shares?

The 20,000 shares were sold at a weighted average price between $27.46 and $27.47 per share. Individual trade prices within that narrow range are available upon request from the company or the insider.

How many Warner Bros. Discovery (WBD) shares does Richard W. Fisher hold after the sale?

After the reported sale, Richard W. Fisher directly holds 59,546 shares of Warner Bros. Discovery Series A Common Stock. This figure reflects his post-transaction direct ownership as disclosed in the filing.

Was the WBD insider sale made under a Rule 10b5-1 trading plan?

No. The filing indicates the Rule 10b5-1 checkbox was not marked, meaning the reported sale was not designated as made pursuant to a Rule 10b5-1 trading plan for pre-arranged trading.

What does the weighted average price disclosure mean in this WBD Form 4?

The filing states the reported price is a weighted average for sales between $27.46 and $27.47 per share. The insider has offered to provide the exact share counts at each price within that range upon request.

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/14/2026 - 04:51 PM Accepted by SEC EDGAR 08/14/2026 - 04:51 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^*

FISHER RICHARD W

(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)
08/12/2026

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	08/12/2026		S		20,000	D	$27.46(1)	59,546	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 $27.46 to $27.47 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	08/14/2026
	** 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)