Warner Bros. Discovery (WBD) director Paul A. Gould sells 600,000 shares

Rhea-AI Filing Summary

Warner Bros. Discovery director Paul A. Gould sold 600,000 shares of Series A Common Stock in an open‑market transaction. The weighted average sale price was $27.35 per share, with individual trades ranging from $27.26 to $27.41. After these sales, he directly holds 244,357 shares.

Insights

Equity ownership analyst

Director executes sizable open‑market sale but retains a meaningful share position.

Paul A. Gould, a director of Warner Bros. Discovery, executed an open‑market sale of 600,000 shares of Series A Common Stock at a weighted average price of $27.35 per share. The filing notes trades occurred between $27.26 and $27.41.

The transaction is a clear discretionary sale, not tied to option exercises or tax withholding, and no derivative positions are reported as remaining. After the sale, Gould’s direct holdings stand at 244,357 shares, indicating he maintains ongoing equity exposure.

Because this is a single insider transaction without additional context such as a trading plan or company‑level developments, its broader significance is limited. It primarily updates the public record of insider ownership and recent trading activity.

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^*

GOULD PAUL A

(Last) (First) (Middle)

230 PARK AVENUE SOUTH

(Street)

NEW YORK NY 10003

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	03/16/2026		S		600,000	D	$27.35(1)	244,357	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:

1. The price reported represents the weighted average price of shares of Series A common stock sold in multiple transactions at prices ranging from $27.26 to $27.41 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.

Remarks:

	Tara L. Smith, by power of attorney	03/16/2026
	** 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.

FAQ

What insider transaction did Paul A. Gould report for Warner Bros. Discovery (WBD)?

Paul A. Gould reported an open‑market sale of 600,000 shares of Warner Bros. Discovery Series A Common Stock. The transaction updates his direct ownership position and reflects a discretionary sale rather than an option exercise or tax‑related withholding event.

At what price did Paul A. Gould sell Warner Bros. Discovery (WBD) shares?

The reported weighted average sale price was $27.35 per WBD share. Individual trades occurred in multiple transactions at prices ranging from $27.26 to $27.41 per share, according to the Form 4 footnote disclosure.

How many Warner Bros. Discovery (WBD) shares does Paul A. Gould hold after the sale?

Following the reported transaction, Paul A. Gould directly holds 244,357 shares of Warner Bros. Discovery Series A Common Stock. This figure represents his remaining direct ownership after selling 600,000 shares in the open market at prices around $27 per share.

Was Paul A. Gould’s Warner Bros. Discovery (WBD) trade an open‑market sale?

Yes, the Form 4 identifies the transaction as an open‑market sale of Series A Common Stock. The sale is coded as an “S” transaction, described as a sale in open market or private transaction, rather than an option exercise, gift, or tax‑withholding event.

Does Paul A. Gould have any remaining derivative securities related to Warner Bros. Discovery (WBD)?

The filing’s derivative section shows no remaining derivative positions for Paul A. Gould. The transaction involved only non‑derivative Series A Common Stock, and the derivative summary is empty, indicating no options or similar instruments are reported in this Form 4.

How large was Paul A. Gould’s net share change in Warner Bros. Discovery (WBD) from this filing?

The net change in Gould’s position from this filing is a sale of 600,000 shares. The transaction summary shows net‑sell activity of 600,000 shares, reducing his direct holdings while leaving a disclosed balance of 244,357 shares of Series A Common Stock.