Warner Bros. Discovery (WBD) CEO Zaslav sells 968K shares after exercising options
Rhea-AI Filing Summary
Warner Bros. Discovery, Inc. Chief Executive Officer & President David Zaslav reported exercising stock options and selling common shares. He exercised 873,266 Employee Stock Options at an exercise price of $10.16 per share into Series A common stock and sold 968,172 Series A shares on August 13–14, 2026 at weighted average prices around $28 per share. The filing states these sales were made pursuant to a Rule 10b5-1 trading arrangement entered into on March 12, 2026. The exercised options were part of a 20,898,776-option grant dated June 12, 2025 under Mr. Zaslav's employment agreement, vesting in five equal annual installments beginning June 12, 2026, with performance-based stock price hurdles for 60% of the options already satisfied.
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Insights
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Insider Trade Summary 10b5-1
Exercise and sale activity reported; no spread calculated
Exercise and Sale
7 txns
Insider
Zaslav David
Role
Chief Executive Officer & Pres
Sold
968,172 shs ($27.12M)
Approx. gross sale proceeds
$27.12M
Approx. exercise cost
$8.87M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option F1, F4 | 194,999 | $0.00 | $0.00 |
| Exercise | Series A Common Stock F1 | 194,999 | $10.16 | $1.98M |
| Sale | Series A Common Stock F1, F3 | 194,999 | $28.02 | $5.46M |
| Exercise | Employee Stock Option F1, F4 | 678,267 | $0.00 | $0.00 |
| Sale | Series A Common Stock F1 | 94,906 | $28.00 | $2.66M |
| Exercise | Series A Common Stock F1 | 678,267 | $10.16 | $6.89M |
| Sale | Series A Common Stock F1, F2 | 678,267 | $28.01 | $19.00M |
Holdings After Transaction:
Employee Stock Option — 17,935,634 shares (Direct);
Series A Common Stock — 6,807,934 shares (Direct)
Footnotes (4)
- F1. As previously disclosed by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, the Reporting Person entered into a trading arrangement pursuant to Rule 10b5-1 on March 12, 2026. These sales were made pursuant to that trading arrangement.
- F2. The price reported represents the weighted average price of shares of Series A common stock sold in multiple transactions at prices ranging from $28.00 to $28.07 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.
- F3. The price reported represents the weighted average price of shares of Series A common stock sold in multiple transactions at prices ranging from $28.00 to $28.15 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.
- F4. Options reported herein were part of a grant made on 6/12/2025 pursuant to Mr. Zaslav's Employment Agreement dated 6/12/2025, as amended on 11/7/2025 ("2025 EA"). The total grant consisted of 20,898,776 options exercisable in five equal annual installments beginning on 6/12/2026. Because the performance-based stock price hurdles that were applicable to 60% of such options were satisfied prior to the date hereof, all options pursuant to such grant are subject only to the foregoing time-based vesting schedule.
Key Figures
Shares sold: 968,172 shares
Options exercised: 873,266 shares
Option exercise price: $10.16 per share
+5 more
8 metrics
Shares sold
968,172 shares
Total Series A common shares sold on August 13–14, 2026
Options exercised
873,266 shares
Employee Stock Options exercised into Series A common stock
Option exercise price
$10.16 per share
Exercise price for the Employee Stock Options exercised
Sale prices range
$28.00–$28.15 per share
Weighted-average sale price ranges from transaction footnotes
2025 option grant size
20,898,776 options
Total options granted to David Zaslav on June 12, 2025
Performance-based portion
60% of options
Portion of 2025 grant with stock price hurdles already satisfied
Vesting schedule
5 equal annual installments
Vesting for 20,898,776-option grant beginning June 12, 2026
Rule 10b5-1 plan date
March 12, 2026
Date Zaslav entered into the trading arrangement
Key Terms
Rule 10b5-1 trading arrangement, weighted average price, Employee Stock Option, performance-based stock price hurdles, +1 more
5 terms
Rule 10b5-1 trading arrangement regulatory
"entered into a trading arrangement pursuant to Rule 10b5-1 on March 12, 2026"
weighted average price financial
"The price reported represents the weighted average price of shares of Series A common stock"
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.
Employee Stock Option financial
"Options reported herein were part of a grant made on 6/12/2025"
An employee stock option is a promise that lets a worker buy company shares later at a predetermined price, often after they stay for a certain period or meet performance goals — think of it like a coupon that locks in today's price for a future purchase. It matters to investors because options align employees’ incentives with company performance, can increase the number of shares outstanding (dilution) when exercised, and represent a compensation cost that affects reported profits and shareholder value.
performance-based stock price hurdles financial
"Because the performance-based stock price hurdles that were applicable to 60% of such options"
time-based vesting schedule financial
"all options pursuant to such grant are subject only to the foregoing time-based vesting schedule"
FAQ
What did WBD CEO David Zaslav report in this Form 4 filing?
David Zaslav reported exercising 873,266 stock options at $10.16 per share and selling 968,172 Series A common shares on August 13–14, 2026, at weighted average prices around $28 per share, under a pre-established Rule 10b5-1 trading plan.
Were the WBD stock sales by David Zaslav under a Rule 10b5-1 plan?
Yes. The filing states Zaslav entered into a Rule 10b5-1 trading arrangement on March 12, 2026, and the reported sales on August 13–14, 2026 were made pursuant to that pre-arranged trading plan.
At what price did David Zaslav exercise his WBD stock options?
He exercised Employee Stock Options covering 873,266 shares of Series A common stock at an exercise price of $10.16 per share. These options were originally granted on June 12, 2025 under his employment agreement.
What is the size and vesting schedule of David Zaslav’s 2025 WBD option grant?
The 2025 grant totals 20,898,776 stock options, exercisable in five equal annual installments beginning June 12, 2026. The company notes that performance-based stock price hurdles for 60% of these options were already satisfied, leaving time-based vesting as the condition.
AI-generated analysis. How Rhea-AI works. Not financial advice.
