Warner Bros. Discovery Form 4: Director Adds Stock via Retainer

Rhea-AI Filing Summary

Warner Bros. Discovery, Inc. (WBD) filed a Form 4 reporting that Director Paula A. Price received 3,164 shares of Series A Common Stock on 06/30/2025. The shares were issued at a stated price of $0 because Ms. Price elected equity in lieu of her quarterly cash retainer for board service. After this routine compensation grant, her direct beneficial ownership rises to 89,694 shares. No derivative securities, sales, or 10b5-1 plan transactions were disclosed. The filing, signed 07/02/2025, represents normal director compensation and does not materially affect WBD’s capital structure or near-term outlook.

Insights

Securities Analyst

TL;DR: Routine director stock grant; immaterial to valuation or float.

This Form 4 reflects a standard non-cash retainer election by Director Paula Price. The incremental 3,164 shares increase her stake by roughly 3.7% to 89,694 shares but have no meaningful impact on WBD’s share count or insider sentiment signal, as it is not an open-market purchase. Investors should view the event as housekeeping rather than a catalyst.

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
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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^*

Price Paula 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)
06/30/2025

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	06/30/2025		A		3,164(1)	A	$0	89,694	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. Ms. Price elected to receive shares of common stock in lieu of a quarterly cash retainer in respect of her services as a director.

Remarks:

	Tara L. Smith, by power of attorney	07/02/2025
	** 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

How many WBD shares did Director Paula Price acquire on 06/30/2025?

She acquired 3,164 shares of Series A Common Stock.

What is Paula Price’s total ownership in WBD after the transaction?

Her direct beneficial ownership stands at 89,694 shares.

Was the acquisition part of routine director compensation?

Yes. Ms. Price elected to receive shares in lieu of a cash retainer for board service.

Did the Form 4 report any sales or derivative transactions?

No. The filing lists only an acquisition of common stock; no sales or derivatives were involved.

Does the filing mention a Rule 10b5-1 trading plan?

No 10b5-1 plan is referenced in this Form 4.