WBD director purchases Series A at ~$11; beneficial ownership increases

Rhea-AI Filing Summary

Anton J. Levy, listed as a director of Warner Bros. Discovery (WBD), reported purchases of Series A common stock in two transactions totaling 325,000 shares. The first transaction on 08/11/2025 shows 250,000 shares purchased at a reported weighted average price of $10.90 (prices ranged $10.86–$10.96). The second transaction on 08/12/2025 shows 75,000 shares purchased at a reported weighted average price of $11.00 (prices ranged $10.92–$11.04).

Following these purchases the form reports beneficial ownership of 874,000 shares after the first transaction and 949,000 shares after the second. Transactions are coded "P" for purchase and ownership is reported as Direct (D). No derivative securities are reported. The filer provided explanatory footnotes stating they will disclose, upon request, the number of shares bought at each price within the reported ranges.

Positive

• Director Anton J. Levy acquired a total of 325,000 Series A shares, which increased his reported beneficial ownership to 949,000 shares.
• Purchases were disclosed with weighted average prices and price ranges, and the filer committed to provide per-price allocation details upon request, supporting transparency.

Negative

• None.

Insights

Financial Analyst

Director Levy bought 325,000 WBD Series A shares at ~$10.90–$11.00, raising direct holdings to 949,000.

The disclosure documents two purchase transactions totaling 325,000 Series A shares executed at weighted average prices of $10.90 and $11.00, with disclosed price ranges. For investors, insider purchases can signal management willingness to increase ownership, but material impact depends on context such as company float and market capitalization which are not provided here. The transactions are reported as direct purchases (code "P" and ownership form "D") and no derivatives or dispositions are listed, making this a straightforward insider buy disclosure.

Corporate Governance Expert

Form 4 shows routine, properly annotated insider purchases with explanatory footnotes and direct ownership reporting.

The filing lists Anton J. Levy as the reporting person and includes explanatory notes showing weighted average prices and price ranges for each block of purchases. The form reports ownership as Direct and uses transaction code "P" for purchases. Table II contains no derivative activity. The footnotes explicitly state the filer will provide per-price allocation details on request, which supports transparency in the reported weighted averages. Overall the disclosure appears complete for these transactions.

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^*

LEVY ANTON J

(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)
08/11/2025

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	08/11/2025		P		250,000	A	$10.9(1)	874,000	D
Series A Common Stock	08/12/2025		P		75,000	A	$11(2)	949,000	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 purchased in multiple transactions at prices ranging from $10.86 to $10.96 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 purchased at each price within the range.

2. The price reported represents the weighted average price of shares of Series A common stock purchased in multiple transactions at prices ranging from $10.92 to $11.04 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 purchased at each price within the range.

Remarks:

	Tara L. Smith, Attorney-in-Fact	08/13/2025
	** 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 insider transactions were reported for WBD?

Director Anton J. Levy purchased 250,000 Series A shares on 08/11/2025 and 75,000 Series A shares on 08/12/2025, totaling 325,000 shares.

At what prices were the WBD shares purchased?

Reported weighted average prices were $10.90 for the 08/11 purchases (range $10.86–$10.96) and $11.00 for the 08/12 purchases (range $10.92–$11.04).

How did the purchases affect Levy's ownership in WBD?

The form reports beneficial ownership of 874,000 shares after the first transaction and 949,000 shares after the second.

Were any derivative securities reported in this Form 4 for WBD?

No. Table II reports no derivative securities (no options, warrants, calls, puts, or convertible securities disclosed).

How are the transactions coded and what ownership form is reported?

Transactions are coded "P" (purchase) and the ownership form is reported as Direct (D).

Will more detailed price allocation information be available?

Yes. The filer states they will provide, upon request to the issuer, any security holder, or the SEC staff, the number of shares purchased at each price within the disclosed ranges.