[Form 4] Warner Bros. Discovery, Inc. Series A Insider Trading Activity

Rhea-AI Filing Summary

Perrette Jean-Briac, an officer (Pres.&CEO, Global Streaming) of Warner Bros. Discovery, acquired shares and vested options on 08/15/2025. She received 21,816 shares of Series A common stock and exercised an employee stock option that resulted in 46,814 underlying shares (exercise price $11.85). Following these transactions she beneficially owns 1,495,790 shares of Series A common stock and 46,814 derivative shares reported as direct holdings.

Positive

• Officer increased direct ownership to 1,495,790 Series A shares after receiving 21,816 shares and exercising options for 46,814 shares
• Equity activity appears compensation-driven with a disclosed vesting schedule (33%, 33%, 34%) starting March 3, 2025, indicating planned, non-speculative transactions

Negative

• None.

Insights

Corporate Insider / Securities Analyst

TL;DR: Routine officer equity vesting and option exercise increased direct holdings; appears non-discretionary compensation-related activity.

The filing shows an officer received 21,816 Series A shares and an exercise of options resulting in 46,814 underlying shares with an $11.85 exercise price, all reported as direct ownership. Total reported beneficial ownership after the transactions is 1,495,790 common shares plus 46,814 derivative shares. The option vesting schedule is disclosed as three annual installments (33%, 33%, 34%) beginning March 3, 2025, indicating these are scheduled compensation events rather than open-market purchases or sales.

Compensation / Governance Specialist

TL;DR: Compensation-driven equity vesting and option exercise, consistent with typical executive awards.

The Form 4 documents standard equity award mechanics: a stock grant (21,816 shares) and an employee stock option exercised for 46,814 shares with defined vesting. The explanation notes the option vests in three installments on March 3 of successive years, confirming the awards follow a scheduled vesting plan. All holdings are reported as direct, with no indicated indirect beneficial ownership or special arrangements in the filing.

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

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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^*

Perrette Jean-Briac

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Pres.&CEO, Global Streaming

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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	08/15/2025		A		21,816	A	$0	1,495,790	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
Employee Stock Option	$11.85	08/15/2025		A		46,814		03/03/2026(1)	08/15/2032	Series A Common Stock	46,814	$0	46,814	D

Explanation of Responses:

1. This option vests in three annual installments (33%, 33%, 34%) on the first three anniversaries of March 3, 2025.

Remarks:

	Tara L. Smith, by power of attorney	08/19/2025
	** 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

What transactions did Perrette Jean-Briac report on the WBD Form 4?

The Form 4 reports receipt of 21,816 Series A common shares and exercise of an employee stock option resulting in 46,814 underlying shares on 08/15/2025.

How many WBD shares does Perrette Jean-Briac beneficially own after the transactions?

After the reported transactions she beneficially owns 1,495,790 Series A common shares and 46,814 derivative shares reported as direct holdings.

What was the exercise price for the WBD options exercised?

The employee stock option exercised had an $11.85 exercise price.

When do the reported options vest?

The explanation states the option vests in three annual installments (33%, 33%, 34%) on the first three anniversaries of March 3, 2025.

What is the reporting date on the Form 4?

The earliest transaction date reported on the Form 4 is 08/15/2025 and the form is signed via power of attorney on 08/19/2025.