Warner Bros. Discovery (WBD) director receives 9,067-share stock grant

Rhea-AI Filing Summary

LOWE KENNETH W reported acquisition or exercise transactions in this Form 4 filing.

Warner Bros. Discovery, Inc. director Kenneth W. Lowe reported a compensation-related grant of 9,067 shares of Series A Common Stock at $0.00 per share. After this award, he directly holds 1,110,108 shares of Series A Common Stock.

The filing also lists 793 shares of Series A Common Stock held indirectly through The Lowe Family Trust. Lowe is trustee and a beneficiary, but he disclaims beneficial ownership of those trust-held shares except for his pecuniary interest.

Insights

Equity compensation analyst

Routine stock grant increases director’s equity stake without open-market buying.

Kenneth W. Lowe received 9,067 shares of Warner Bros. Discovery Series A Common Stock as a grant or award at $0.00 per share. This is typical equity-based compensation rather than an open-market purchase.

Following the award, Lowe directly holds 1,110,108 shares, indicating a sizable ongoing equity position. The filing also notes 793 shares held via a family trust, where he is trustee and beneficiary but disclaims full beneficial ownership, limiting the interpretive value of that smaller indirect holding.

Insider Trade Summary

Net Buyer: 9,067 shares

Net Buy 2 txns

Insider LOWE KENNETH W

Role Director

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

Holdings After Transaction: Series A Common Stock — 1,110,108 shares (Direct); Series A Common Stock — 793 shares (Indirect, By Trust)

Footnotes (1)

1. F1. 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

Stock grant size: 9,067 shares Grant price: $0.00 per share Direct holdings after grant: 1,110,108 shares +1 more

4 metrics

Stock grant size 9,067 shares Series A Common Stock award at $0.00 per share

Grant price $0.00 per share Price for 9,067-share Series A Common Stock grant

Direct holdings after grant 1,110,108 shares Series A Common Stock held directly after transaction

Indirect trust holdings 793 shares Series A Common Stock held indirectly by The Lowe Family Trust

Key Terms

Series A Common Stock, Grant, award, or other acquisition, pecuniary interest, trustee

4 terms

Series A Common Stock financial

"The reporting person disclaims beneficial ownership of the Series A common stock held by the trust"

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""

pecuniary interest financial

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

trustee financial

"The reporting person was appointed trustee of The Lowe Family Trust, UAD 11/16/2006"

A trustee is a person or institution legally appointed to hold and manage assets or enforce an agreement on behalf of other people (beneficiaries). Think of a trustee as a neutral referee or custodian who must act in the beneficiaries’ best interests, follow the trust or contract rules, and handle distributions, recordkeeping and enforcement. Investors care because a trustworthy trustee protects their rights, ensures promised payments or remedies are delivered, and can influence recoveries if things go wrong.

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/11/2026 - 04:51 PM Accepted by SEC EDGAR 06/11/2026 - 04:51 PM Learn about SEC filing dates

FAQ

What did WBD director Kenneth W. Lowe report in this Form 4 filing?

Kenneth W. Lowe reported receiving a grant of 9,067 shares of Warner Bros. Discovery Series A Common Stock at $0.00 per share. This award increased his direct holdings to 1,110,108 shares, reflecting routine equity compensation rather than an open-market stock purchase.

How many Warner Bros. Discovery (WBD) shares does Kenneth W. Lowe now hold directly?

After the reported grant, Kenneth W. Lowe directly holds 1,110,108 shares of Warner Bros. Discovery Series A Common Stock. This total includes the 9,067-share award at $0.00 per share, as shown in the Form 4 filing detailing his updated ownership position.

Was the WBD Form 4 transaction a stock purchase or an equity award for Kenneth W. Lowe?

The Form 4 shows an equity award, not an open-market purchase. Lowe received 9,067 shares of Series A Common Stock at $0.00 per share under a grant, categorized as a “Grant, award, or other acquisition” rather than a standard market buy transaction.

Does Kenneth W. Lowe have any indirect ownership of Warner Bros. Discovery (WBD) shares?

Yes. The filing lists 793 shares of Series A Common Stock held indirectly through The Lowe Family Trust. Lowe is trustee and a beneficiary but disclaims beneficial ownership of those shares except to the extent of his pecuniary interest in the trust’s holdings.

What does the trust-related footnote in Kenneth W. Lowe’s WBD Form 4 explain?

The footnote explains Lowe was appointed trustee of The Lowe Family Trust on March 17, 2025, and that he and family members are beneficiaries. He disclaims beneficial ownership of Series A shares held by the trust except for any pecuniary interest he may have.

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)
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	1,110,108	D
Series A Common Stock								793	I	By Trust(1)

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 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	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)