Warner Bros. Discovery CEO exercises options, sells stock
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Form Type
4
Rhea-AI Filing Summary
Warner Bros. Discovery, Inc. Chief Executive Officer David Zaslav exercised employee stock options for 2,089,876 shares of Series A common stock at $10.16 per share and, on the same date, sold 2,184,782 shares at a weighted average price of $27.22 per share under a pre-arranged Rule 10b5-1 trading plan. Following these transactions, he holds 6,902,840 shares directly and 153 shares indirectly through his spouse, and retains 18,808,900 employee stock options at a $10.16 exercise price expiring on June 12, 2032.
Insider Trade Summary 10b5-1
Exercise and sale activity reported; no spread calculated
Exercise and Sale
5 txns
Insider
Zaslav David
Role
Chief Executive Officer & Pres
Sold
2,184,782 shs ($59.47M)
Approx. gross sale proceeds
$59.47M
Approx. exercise cost
$21.23M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option F1, F3 | 2,089,876 | $0.00 | $0.00 |
| Exercise | Series A Common Stock F1 | 2,089,876 | $10.16 | $21.23M |
| Sale | Series A Common Stock F1, F2 | 2,089,876 | $27.22 | $56.89M |
| Sale | Series A Common Stock F1, F2 | 94,906 | $27.22 | $2.58M |
| holding | Series A Common Stock | -- | -- | -- |
Holdings After Transaction:
Employee Stock Option — 18,808,900 contracts (Direct);
Series A Common Stock — 6,902,840 shares (Direct);
Series A Common Stock — 153 shares (Indirect, Spouse)
Footnotes (3)
- F1. As previously disclosed by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, the Reporting Person entered into a trading arrangement pursuant to Rule 10b5-1 on March 12, 2026. These sales were made pursuant to that trading arrangement.
- F2. The price reported represents the weighted average price of shares of Series A common stock sold in multiple transactions at prices ranging from $27.00 to $27.59 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.
- F3. Options reported herein were part of a grant made on 6/12/2025 pursuant to Mr. Zaslav's Employment Agreement dated 6/12/2025, as amended on 11/7/2025 ("2025 EA"). The total grant consisted of 20,898,776 options exercisable in five equal annual installments beginning on 6/12/2026. Because the performance-based stock price hurdles that were applicable to 60% of such options were satisfied prior to the date hereof, all options pursuant to such grant are subject only to the foregoing time-based vesting schedule.
Key Figures
Shares sold: 2,184,782 shares
Sale price: $27.22 per share
Options exercised: 2,089,876 options
+5 more
8 metrics
Shares sold
2,184,782 shares
Total Series A common stock sold on 2026-07-13
Sale price
$27.22 per share
Weighted average sale price for Series A common stock
Options exercised
2,089,876 options
Employee stock options exercised into Series A common stock
Option exercise price
$10.16 per share
Exercise price for the employee stock options
Shares held after
6,902,840 shares
Direct Series A common stock holdings after transactions
Indirect spouse holdings
153 shares
Series A common stock held indirectly through spouse
Options remaining
18,808,900 options
Employee stock options outstanding after the exercise
Original 2025 option grant
20,898,776 options
Grant made on 6/12/2025 under Zaslav’s employment agreement
Key Terms
Rule 10b5-1, weighted average price, performance-based stock price hurdles, time-based vesting schedule, +1 more
5 terms
Rule 10b5-1 financial
"entered into a trading arrangement pursuant to Rule 10b5-1 on March 12, 2026"
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.
weighted average price financial
"The price reported represents the weighted average price of shares of Series A common stock"
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.
performance-based stock price hurdles financial
"Because the performance-based stock price hurdles that were applicable to 60% of such options"
time-based vesting schedule financial
"all options pursuant to such grant are subject only to the foregoing time-based vesting schedule"
Employee Stock Option financial
"security_title: Employee Stock Option with underlying Series A Common Stock"
An employee stock option is a promise that lets a worker buy company shares later at a predetermined price, often after they stay for a certain period or meet performance goals — think of it like a coupon that locks in today's price for a future purchase. It matters to investors because options align employees’ incentives with company performance, can increase the number of shares outstanding (dilution) when exercised, and represent a compensation cost that affects reported profits and shareholder value.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did David Zaslav report in this Form 4 for WBD?
David Zaslav reported exercising 2,089,876 employee stock options at $10.16 per share and selling 2,184,782 shares of Warner Bros. Discovery Series A common stock at a weighted average price of $27.22 per share under a Rule 10b5-1 trading plan.
What are David Zaslav’s WBD holdings after these transactions?
After the transactions, Zaslav holds 6,902,840 Warner Bros. Discovery Series A common shares directly and 153 shares indirectly through his spouse. He also retains 18,808,900 employee stock options with a $10.16 exercise price expiring on June 12, 2032.
What are the key terms of David Zaslav’s 2025 WBD option grant?
The disclosure describes a grant of 20,898,776 options made on June 12, 2025, under Zaslav’s employment agreement. These options vest in five equal annual installments starting June 12, 2026, with prior performance-based stock price hurdles for 60% of the options already satisfied.
How many WBD options did Zaslav exercise in this transaction and at what strike price?
Zaslav exercised 2,089,876 employee stock options, each with an exercise price of $10.16 per share, into Series A common stock. These options are part of a larger grant that continues to vest annually under his employment agreement terms.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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