Warner Bros. Discovery (WBD) director granted 9,067 Series A shares as equity award

Rhea-AI Filing Summary

Merchant Fazal F reported acquisition or exercise transactions in this Form 4 filing.

Warner Bros. Discovery, Inc. director Fazal F. Merchant received a grant of 9,067 shares of Series A Common Stock on June 9, 2026 at no cost. Following this award, his direct holdings increased to 104,606 shares, reflecting routine equity-based compensation rather than an open-market purchase.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Merchant Fazal F

Role null

Type	Security	Shares	Price	Value
Grant/Award	Series A Common Stock	9,067	$0.00	--

Holdings After Transaction: Series A Common Stock — 104,606 shares (Direct, null)

Footnotes (1)

Key Figures

Shares granted: 9,067 shares Grant price: $0.00 per share Shares owned after grant: 104,606 shares

3 metrics

Shares granted 9,067 shares Equity award of Series A Common Stock on June 9, 2026

Grant price $0.00 per share Compensation-related stock grant, not open-market purchase

Shares owned after grant 104,606 shares Director’s direct holdings following the Form 4 transaction

Key Terms

Series A Common Stock, Grant, award, or other acquisition, Form 4, direct ownership

4 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.

Grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition""

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

direct ownership financial

"ownership_type: "direct", ownership_code: "D""

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Form 4 Insider Transactions: What Each Field Means →

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)
06/09/2026

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	06/09/2026		A		9,067	A	$0	104,606	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	06/11/2026
	** 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)

FAQ

What insider transaction did Fazal F. Merchant report at WBD?

Fazal F. Merchant reported an acquisition of 9,067 Series A Common Stock shares as a grant. The shares were awarded at no cost, representing equity-based compensation rather than an open-market purchase of Warner Bros. Discovery, Inc. stock.

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

After the grant, Fazal F. Merchant directly holds 104,606 shares of WBD Series A Common Stock. This total reflects his updated position following the 9,067-share award reported in the Form 4 insider transaction filing.

Was Fazal F. Merchant’s WBD share acquisition an open-market purchase?

No, the 9,067 WBD shares were acquired through a grant at a price of $0.00 per share. This indicates a compensation-related award rather than an open-market purchase, which would typically involve paying a stated market price per share.

What does transaction code "A" mean in Fazal F. Merchant’s WBD Form 4?

Transaction code "A" in the Form 4 indicates a grant, award, or other acquisition of securities. For Fazal F. Merchant, it reflects a 9,067-share equity grant of WBD Series A Common Stock as part of his compensation, not a market trade.

Is Fazal F. Merchant’s WBD ownership direct or indirect after this transaction?

His WBD ownership reported in this filing is direct. The Form 4 lists the ownership code as "D" for 104,606 shares of Series A Common Stock, meaning the shares are held directly rather than through a trust, fund, or other indirect entity.