Warner Bros. Discovery (WBD) director sells 71,539 shares at $27.75

Rhea-AI Filing Summary

Warner Bros. Discovery, Inc. director Fazal F Merchant reported a sale of 71,539 shares of Series A Common Stock on 2026-08-13 at a price of $27.75 per share in an open market or private transaction. Following this sale, the director directly holds 33,067 shares of Series A Common Stock.

Insider Trade Summary

Net Seller: 71,539 shares

Net Sell 1 txn

Insider Merchant Fazal F

Role Director

Sold 71,539 shs ($1.99M)

Type	Security	Shares	Price	Value
Sale	Series A Common Stock	71,539	$27.75	$1.99M

Holdings After Transaction: Series A Common Stock — 33,067 shares (Direct)

Key Figures

Shares sold: 71,539 shares Sale price: $27.75 per share Shares held after transaction: 33,067 shares

3 metrics

Shares sold 71,539 shares Series A Common Stock sold on 2026-08-13

Sale price $27.75 per share Price for the 71,539-share sale of Series A Common Stock

Shares held after transaction 33,067 shares Direct holdings of Series A Common Stock following the sale

Key Terms

Series A Common Stock, open market or private transaction

2 terms

Series A Common Stock financial

"security_title: "Series A Common Stock""

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.

open market or private transaction financial

"transaction_code_description: "Sale in open market or private transaction""

FAQ

What insider transaction did Warner Bros. Discovery (WBD) report in this Form 4?

Warner Bros. Discovery reported that director Fazal F Merchant sold 71,539 shares of Series A Common Stock on 2026-08-13 in a sale classified as an open market or private transaction at $27.75 per share.

How many Warner Bros. Discovery (WBD) shares did Fazal F Merchant sell and at what price?

Fazal F Merchant sold 71,539 shares of Warner Bros. Discovery Series A Common Stock at $27.75 per share. The transaction was reported as a sale in an open market or private transaction on 2026-08-13.

How many Warner Bros. Discovery (WBD) shares does Fazal F Merchant hold after this sale?

After the reported sale, Fazal F Merchant directly holds 33,067 shares of Warner Bros. Discovery Series A Common Stock. This post-transaction holding reflects the position remaining as disclosed following the 71,539-share sale on 2026-08-13.

Is the Warner Bros. Discovery (WBD) Form 4 transaction a buy or a sell?

The Form 4 for Warner Bros. Discovery reports a sell transaction. Director Fazal F Merchant disposed of 71,539 shares of Series A Common Stock, classified as a sale in an open market or private transaction at $27.75 per share.

Does the Warner Bros. Discovery (WBD) Form 4 indicate any Rule 10b5-1 trading plan?

The filing’s Rule 10b5-1 checkbox is not marked as affirmative, and no footnote describes a trading plan. The transaction is therefore reported simply as an open market or private sale of 71,539 shares at $27.75 per share.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/14/2026 - 04:53 PM Accepted by SEC EDGAR 08/14/2026 - 04:53 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^*

Merchant Fazal F

(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)
08/13/2026

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	08/13/2026		S		71,539	D	$27.75	33,067	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:

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)