[Form 4] Warner Bros. Discovery, Inc. Insider Trading Activity
Gunnar Wiedenfels, Chief Financial Officer of Warner Bros. Discovery, Inc. (WBD), reported multiple transactions on 09/15/2025. The filing shows option exercises and contemporaneous open-market sales of Series A common stock executed under a Rule 10b5-1 trading arrangement established March 4, 2025. Specifically, the report records exercises of 131,127 options at a $8.67 exercise price and 177,456 options at a $15.02 exercise price, each resulting in corresponding increases in underlying shares. On the same date, the report records sales of 222,210, 131,127, and 177,456 shares at $19.50 per share. The form lists certain indirect holdings: 14,140 shares held as custodian and 13,045 shares held by spouse. The filing was signed by power of attorney on 09/16/2025.
Gunnar Wiedenfels, Chief Financial Officer di Warner Bros. Discovery, Inc. (WBD), ha riferito diverse transazioni il 15/09/2025. La comunicazione mostra l’esercizio di opzioni e contemporanee vendite sul mercato aperto di azioni ordinarie di Serie A eseguite secondo un accordo di trading Rule 10b5-1 istituito il 04/03/2025. In particolare, il rapporto registra l’esercizio di 131.127 opzioni a un prezzo di esercizio di 8,67$ e di 177.456 opzioni a un prezzo di esercizio di 15,02$, ciascuno con conseguente aumento delle azioni sottostanti. Nello stesso giorno, la relazione registra vendite di 222.210, 131.127 e 177.456 azioni a 19,50$ per azione. Il modulo indica determinate partecipazioni indirette: 14.140 azioni detenute in custodia e 13.045 azioni detenute dal coniuge. La comunicazione è stata firmata da procura il 16/09/2025.
Gunnar Wiedenfels, Director Financiero de Warner Bros. Discovery, Inc. (WBD), informó múltiples transacciones el 15/09/2025. La presentación muestra ejercicios de opciones y ventas en el mercado abierto contemporáneas de acciones ordinarias de Serie A ejecutadas bajo un acuerdo de negociación Rule 10b5-1 establecido el 04/03/2025. Específicamente, el informe registra ejercicios de 131.127 opciones a un precio de ejercicio de 8,67$ y 177.456 opciones a un precio de ejercicio de 15,02$, cada uno resultando en aumentos correspondientes de las acciones subyacentes. En la misma fecha, el informe registra ventas de 222.210, 131.127 y 177.456 acciones a 19,50$ por acción. El formulario señala ciertas participaciones indirectas: 14.140 acciones en custodia y 13.045 acciones en poder del cónyuge. La presentación fue firmada por poder notarial el 16/09/2025.
Gunnar Wiedenfels는 Warner Bros. Discovery, Inc. (WBD)의 최고재무책임자(CFO)이며, 2025년 9월 15일에 다수의 거래를 보고했습니다. 제출서는 Rule 10b5-1 거래 약정에 따라 2025년 3월 4일에 설정된 시리즈 A 보통주에 대한 옵션 행사 및 동시의 공개시장 매매를 보여줍니다. 구체적으로, 보고서는 131,127개의 옵션을 8.67달러의 행사가로, 177,456개의 옵션을 15.02달러의 행사가로 각각 기초 주식 수의 증가를 초래했다고 기록합니다. 같은 날짜에 보고서는 222,210, 131,127, 및 177,456주를 주당 19.50달러에 매도했다고 기록합니다. 양식은 또한 14,140주를 수탁자로 보유하고 있고 13,045주를 배우자가 보유하고 있는 등 간접 보유를 나열합니다. 제출서는 2025년 9월 16일에 위임장으로 서명되었습니다.
Gunnar Wiedenfels, directeur financier de Warner Bros. Discovery, Inc. (WBD), a déclaré plusieurs transactions le 15/09/2025. Le dépôt montre des exercices d’options et des ventes sur le marché libre contemporaines d’actions ordinaires de série A effectués dans le cadre d’un accord de négociation Rule 10b5-1 établi le 04/03/2025. Plus précisément, le rapport enregistre des exercices de 131 127 options à un prix d’exercice de 8,67 $ et 177 456 options à un prix d’exercice de 15,02 $, chacun entraînant des augmentations correspondantes du nombre d’actions sous-jacentes. Le même jour, le rapport enregistre des ventes de 222 210, 131 127 et 177 456 actions à 19,50 $ par action. Le formulaire indique certaines participations indirectes : 14 140 actions détenues en custodie et 13 045 actions détenues par le conjoint. Le dépôt a été signé par procuration le 16/09/2025.
Gunnar Wiedenfels, Chief Financial Officer von Warner Bros. Discovery, Inc. (WBD), meldete am 15.09.2025 mehrere Transaktionen. Die Einreichung zeigt Optionsausübungen und gleichzeitige Open-Market-Verkäufe von Serie-A- Stammaktien, die im Rahmen einer unter Rule 10b5-1 eingerichteten Handelsvereinbarung vorgenommen wurden, die am 04.03.2025 festgelegt wurde. Konkret protokolliert der Bericht Ausübungen von 131.127 Optionen zu einem Ausübungspreis von 8,67 $ und 177.456 Optionen zu einem Ausübungspreis von 15,02 $, wobei jeweils eine entsprechende Erhöhung der zugrunde liegenden Aktien resultiert. Am selben Datum verzeichnet der Bericht Verkäufe von 222.210, 131.127 und 177.456 Aktien zu je 19,50 $. Das Formular listet bestimmte indirekte Beteiligungen auf: 14.140 Aktien, die als Treuhand gehalten werden, und 13.045 Aktien, die vom Ehepartner gehalten werden. Die Einreichung wurde am 16.09.2025 von einer Vollmacht unterschrieben.
غونار ويدنفيليز، الرئيس التنفيذي للشؤون المالية في Warner Bros. Discovery, Inc. (WBD)، أفاد بسلسلة من المعاملات في 15/09/2025. تبين الوثيقة ممارسات خيارات ومبيعات في السوق المفتوح متزامنة لأسهم فئة A العادية المنفذة بموجب ترتيب تداول Rule 10b5-1 الذي أُنشئ في 04/03/2025. وبشكل خاص، يُسجل التقرير ممارسات خيار لــ 131,127 خيار بسعر ممارسة 8.67 دولار و 177,456 خيار بسعر ممارسة 15.02 دولار، وكل منها يؤدي إلى زيادات مقبلة في الأسهم الأساسية. في التاريخ نفسه، يسجل التقرير مبيعات من 222,210، 131,127 و 177,456 سهماً بسعر 19.50 دولار للسهم الواحد. يسرد النموذج حيازة غير مباشرة محددة: 14,140 سهماً مَوْكلة و 13,045 سهماً يملكها الزوج. تم توقيع الطلب بالوكالة في 16/09/2025.
Gunnar Wiedenfels， Warner Bros. Discovery, Inc.（WBD）首席财务官（CFO）于 2025/09/15 报告了多笔交易。 filing 显示按 Rule 10b5-1 交易安排在 2025/3/4 设立的 A 组普通股的期权行权及同期的公开市场出售。具体而言，报告记载以 行使价 8.67 美元 行使 131,127 份期权及以 行使价 15.02 美元 行使 177,456 份期权，均导致对应的基础股票增加。 同日，报告记录以每股 19.50 美元 的价钱出售 222,210、131,127與 177,456 股。 表格列出若干间接持有：14,140 股由托管人持有，13,045 股由配偶持有。 该 filing 于 2025/09/16 由授权签署。
- Trades executed under a disclosed Rule 10b5-1 plan, which provides preclearance and reduces likelihood of opportunistic timing
- Option exercises at $8.67 and $15.02 increased owned shares, indicating exercise rather than purely sales of existing holdings
- Filing includes POA signature and explanatory notes, satisfying procedural disclosure requirements
- Large open-market sales on 09/15/2025 (222,210; 131,127; 177,456 shares) could be perceived negatively by some investors due to scale
- Multiple sizeable transactions on the same date increase share volume transacted by the insider, which may attract market attention
- Filing does not state purpose of sales beyond the 10b5-1 reference (no disclosure on use of proceeds)
Insights
TL;DR: Insider exercised options and sold shares under a Rule 10b5-1 plan; net effect is option monetization and share disposition.
The filing documents coordinated option exercises and equal or larger open-market sales executed on 09/15/2025. Exercises occurred at $8.67 and $15.02, while sales were at $19.50, indicating the reporting person realized proceeds above exercise prices. Transactions were executed pursuant to a Rule 10b5-1 plan established March 4, 2025, which frames these trades as preplanned rather than opportunistic. The number of shares transacted (hundreds of thousands per line) is sizable in absolute terms for an individual executive and could modestly increase share supply in the market on the trade date, but the filing does not provide company-level metrics to assess materiality to WBD equity.
TL;DR: Transactions follow a disclosed 10b5-1 plan and include exercises plus sales; documentation and POA signature are present.
The report includes explanatory notes referencing the issuer's prior disclosure that the reporting person adopted a Rule 10b5-1 trading arrangement on March 4, 2025, and states the sales were made pursuant to that arrangement. The form includes a power-of-attorney signature dated 09/16/2025, meeting procedural filing requirements. No amendments or additional governance actions are noted. The submission provides clear linkage between option vesting schedules and the reported exercises but contains no statements about use of proceeds or purpose beyond the trading plan reference.
Gunnar Wiedenfels, Chief Financial Officer di Warner Bros. Discovery, Inc. (WBD), ha riferito diverse transazioni il 15/09/2025. La comunicazione mostra l’esercizio di opzioni e contemporanee vendite sul mercato aperto di azioni ordinarie di Serie A eseguite secondo un accordo di trading Rule 10b5-1 istituito il 04/03/2025. In particolare, il rapporto registra l’esercizio di 131.127 opzioni a un prezzo di esercizio di 8,67$ e di 177.456 opzioni a un prezzo di esercizio di 15,02$, ciascuno con conseguente aumento delle azioni sottostanti. Nello stesso giorno, la relazione registra vendite di 222.210, 131.127 e 177.456 azioni a 19,50$ per azione. Il modulo indica determinate partecipazioni indirette: 14.140 azioni detenute in custodia e 13.045 azioni detenute dal coniuge. La comunicazione è stata firmata da procura il 16/09/2025.
Gunnar Wiedenfels, Director Financiero de Warner Bros. Discovery, Inc. (WBD), informó múltiples transacciones el 15/09/2025. La presentación muestra ejercicios de opciones y ventas en el mercado abierto contemporáneas de acciones ordinarias de Serie A ejecutadas bajo un acuerdo de negociación Rule 10b5-1 establecido el 04/03/2025. Específicamente, el informe registra ejercicios de 131.127 opciones a un precio de ejercicio de 8,67$ y 177.456 opciones a un precio de ejercicio de 15,02$, cada uno resultando en aumentos correspondientes de las acciones subyacentes. En la misma fecha, el informe registra ventas de 222.210, 131.127 y 177.456 acciones a 19,50$ por acción. El formulario señala ciertas participaciones indirectas: 14.140 acciones en custodia y 13.045 acciones en poder del cónyuge. La presentación fue firmada por poder notarial el 16/09/2025.
Gunnar Wiedenfels는 Warner Bros. Discovery, Inc. (WBD)의 최고재무책임자(CFO)이며, 2025년 9월 15일에 다수의 거래를 보고했습니다. 제출서는 Rule 10b5-1 거래 약정에 따라 2025년 3월 4일에 설정된 시리즈 A 보통주에 대한 옵션 행사 및 동시의 공개시장 매매를 보여줍니다. 구체적으로, 보고서는 131,127개의 옵션을 8.67달러의 행사가로, 177,456개의 옵션을 15.02달러의 행사가로 각각 기초 주식 수의 증가를 초래했다고 기록합니다. 같은 날짜에 보고서는 222,210, 131,127, 및 177,456주를 주당 19.50달러에 매도했다고 기록합니다. 양식은 또한 14,140주를 수탁자로 보유하고 있고 13,045주를 배우자가 보유하고 있는 등 간접 보유를 나열합니다. 제출서는 2025년 9월 16일에 위임장으로 서명되었습니다.
Gunnar Wiedenfels, directeur financier de Warner Bros. Discovery, Inc. (WBD), a déclaré plusieurs transactions le 15/09/2025. Le dépôt montre des exercices d’options et des ventes sur le marché libre contemporaines d’actions ordinaires de série A effectués dans le cadre d’un accord de négociation Rule 10b5-1 établi le 04/03/2025. Plus précisément, le rapport enregistre des exercices de 131 127 options à un prix d’exercice de 8,67 $ et 177 456 options à un prix d’exercice de 15,02 $, chacun entraînant des augmentations correspondantes du nombre d’actions sous-jacentes. Le même jour, le rapport enregistre des ventes de 222 210, 131 127 et 177 456 actions à 19,50 $ par action. Le formulaire indique certaines participations indirectes : 14 140 actions détenues en custodie et 13 045 actions détenues par le conjoint. Le dépôt a été signé par procuration le 16/09/2025.
Gunnar Wiedenfels, Chief Financial Officer von Warner Bros. Discovery, Inc. (WBD), meldete am 15.09.2025 mehrere Transaktionen. Die Einreichung zeigt Optionsausübungen und gleichzeitige Open-Market-Verkäufe von Serie-A- Stammaktien, die im Rahmen einer unter Rule 10b5-1 eingerichteten Handelsvereinbarung vorgenommen wurden, die am 04.03.2025 festgelegt wurde. Konkret protokolliert der Bericht Ausübungen von 131.127 Optionen zu einem Ausübungspreis von 8,67 $ und 177.456 Optionen zu einem Ausübungspreis von 15,02 $, wobei jeweils eine entsprechende Erhöhung der zugrunde liegenden Aktien resultiert. Am selben Datum verzeichnet der Bericht Verkäufe von 222.210, 131.127 und 177.456 Aktien zu je 19,50 $. Das Formular listet bestimmte indirekte Beteiligungen auf: 14.140 Aktien, die als Treuhand gehalten werden, und 13.045 Aktien, die vom Ehepartner gehalten werden. Die Einreichung wurde am 16.09.2025 von einer Vollmacht unterschrieben.
FAQ
What insider transactions did WBD CFO Gunnar Wiedenfels report on 09/15/2025?
Were these trades by Gunnar Wiedenfels part of a preplanned program?
How many shares does the filing show held indirectly by the reporting person or family?
Who signed the Form 4 and when was it signed?
Do the transactions show vesting schedules for the exercised options?
