Warner Bros. Discovery director sells 200K shares

WBD director Kenneth W. Lowe sold 200,000 shares on September 10, 2026 and now holds a reported 590,108 shares directly plus additional indirect holdings via a family trust.

Rhea-AI Filing Summary

Warner Bros. Discovery, Inc. (WBD) director Kenneth W. Lowe reported selling 200,000 shares of Series A Common Stock on September 10, 2026 at a weighted average price of $28.23 per share, in multiple trades between $28.13 and $28.34 per share. After this sale, he held 590,108 shares directly and 793 shares indirectly through a family trust for which he is trustee; he disclaims beneficial ownership of the trust shares except to the extent of his pecuniary interest. No Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Net Seller: 200,000 shares

Net Sell 2 txns

Insider LOWE KENNETH W

Role Director

Sold 200,000 shs ($5.65M)

Type	Security	Shares	Price	Value
Sale	Series A Common Stock F1	200,000	$28.23	$5.65M
holding	Series A Common Stock F2	--	--	--

Holdings After Transaction: Series A Common Stock — 590,108 shares (Direct); Series A Common Stock — 793 shares (Indirect, By Trust)

Footnotes (2)

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 $28.13 to $28.34 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.
2. F2. The reporting person was appointed trustee of The Lowe Family Trust, UAD 11/16/2006, as amended, on March 17, 2025. The reporting person and members of his family are among the beneficiaries of the trust. The reporting person disclaims beneficial ownership of the Series A common stock held by the trust except to the extent of his pecuniary interest therein.

Key Figures

Shares sold: 200,000 shares Weighted average sale price: $28.23 per share Sale price range: $28.13–$28.34 per share +2 more

5 metrics

Shares sold 200,000 shares Series A Common Stock sold by Kenneth W. Lowe on September 10, 2026

Weighted average sale price $28.23 per share Average price for the 200,000 WBD shares sold on September 10, 2026

Sale price range $28.13–$28.34 per share Price range of individual trades in the September 10, 2026 sale

Direct holdings after transaction 590,108 shares Direct WBD Series A Common Stock held by Kenneth W. Lowe after the sale

Indirect holdings after transaction 793 shares Shares of WBD Series A Common Stock held through The Lowe Family Trust

Key Terms

weighted average price, beneficial ownership, pecuniary interest

3 terms

weighted average price financial

"The price reported represents the weighted average price of shares of Series A common stock sold in multiple transactions"

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.

beneficial ownership financial

"The reporting person disclaims beneficial ownership of the Series A common stock held by the trust except to the extent of his pecuniary interest therein"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"The reporting person disclaims beneficial ownership of the Series A common stock held by the trust except to the extent of his pecuniary interest therein"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did WBD director Kenneth W. Lowe report?

Kenneth W. Lowe reported a sale of 200,000 shares of Warner Bros. Discovery Series A Common Stock on September 10, 2026, executed at a weighted average price of $28.23 per share in multiple trades between $28.13 and $28.34 per share.

How many WBD shares does Kenneth W. Lowe hold after this reported sale?

After the reported sale, Kenneth W. Lowe held 590,108 shares directly of Warner Bros. Discovery Series A Common Stock and 793 shares indirectly through a family trust, according to the filing.

At what prices were Kenneth W. Lowe’s WBD shares sold on September 10, 2026?

The filing states that the weighted average sale price was $28.23 per share, with individual trades in Warner Bros. Discovery Series A Common Stock occurring at prices ranging from $28.13 to $28.34 per share on September 10, 2026.

Were Kenneth W. Lowe’s WBD share sales under a Rule 10b5-1 trading plan?

No. The filing indicates that the Rule 10b5-1 checkbox is not affirmatively marked, and there is no disclosure that the sales were made under a Rule 10b5-1 trading plan.

How are Kenneth W. Lowe’s indirect WBD holdings structured?

Kenneth W. Lowe is reported as trustee of The Lowe Family Trust, UAD 11/16/2006, holding 793 shares of Warner Bros. Discovery Series A Common Stock. He and family members are beneficiaries, and he disclaims beneficial ownership of those shares except to the extent of his pecuniary interest.

Can investors obtain detailed price breakdowns for Kenneth W. Lowe’s WBD share sale?

Yes. The filing states that the reporting person will provide information on the number of shares sold at each price within the $28.13 to $28.34 range to the issuer, any security holder, or SEC staff upon request.

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

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Available on EDGAR 09/11/2026 - 08:35 PM Accepted by SEC EDGAR 09/11/2026 - 08:35 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^*

LOWE KENNETH 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)
09/10/2026

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	09/10/2026		S		200,000	D	$28.23(1)	590,108	D
Series A Common Stock								793	I	By Trust(2)

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 $28.13 to $28.34 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.

2. The reporting person was appointed trustee of The Lowe Family Trust, UAD 11/16/2006, as amended, on March 17, 2025. The reporting person and members of his family are among the beneficiaries of the trust. The reporting person disclaims beneficial ownership of the Series A common stock held by the trust except to the extent of his pecuniary interest therein.

Remarks:

	Tara L. Smith, by power of attorney	09/11/2026
	** 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)