Advance Long Term Management Trust - May 17, 2021 Form 4 Insider Report for Discovery, Inc. (WBD)

Role
Director, 10%+ Owner
Signature
Advance/Newhouse Programming Partnership, By: /s/ Oren Klein
Stock symbol
WBD
Transactions as of
May 17, 2021
Transactions value $
-$26,086,354
Form type
4
Date filed
5/19/2021, 09:37 PM
Next filing
May 24, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction WBD Series C Common Stock Exercise of in-the-money or at-the-money derivative security -$13M -417K -3.33% $31.30 12.1M May 17, 2021 See Footnote F1, F2, F3
transaction WBD Series C Common Stock Exercise of in-the-money or at-the-money derivative security -$13M -417K -3.45% $31.30 11.7M May 18, 2021 See Footnote F1, F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction WBD Call option (obligation to sell) Exercise of in-the-money or at-the-money derivative security $0 -417K -3.33% $0.00 12.1M May 17, 2021 Series C Common Stock 417K $31.30 See Footnote F1, F2, F3
transaction WBD Put option (right to sell) Other $0 -417K -3.33% $0.00 12.1M May 17, 2021 Series C Common Stock 417K $24.18 See Footnote F1, F2, F3
transaction WBD Call option (obligation to sell) Exercise of in-the-money or at-the-money derivative security $0 -417K -3.45% $0.00 11.7M May 18, 2021 Series C Common Stock 417K $31.30 See Footnote F1, F2, F3
transaction WBD Put option (right to sell) Other $0 -417K -3.45% $0.00 11.7M May 18, 2021 Series C Common Stock 417K $24.18 See Footnote F1, F2, F3
transaction WBD Call option (obligation to sell) Expiration of short derivative position $0 -417K -3.57% $0.00 11.2M May 19, 2021 Series C Common Stock 417K $31.30 See Footnote F1, F2, F4
transaction WBD Put option (right to sell) Other $0 -417K -3.57% $0.00 11.2M May 19, 2021 Series C Common Stock 417K $24.18 See Footnote F1, F2, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Advance/Newhouse Programming Partnership ("A/NPP") is the record holder of the Common Shares and the call options and put options described above. The other reporting persons may be deemed to beneficially own Common Shares and the call options and put options held by A/NPP due to their control of A/NPP. Each reporting person disclaims beneficial ownership except to the extent of its pecuniary interest.
F2 As previously disclosed, on June 13, 2019, A/NPP entered into a Share Collar Transaction (the "Transaction") with an unaffiliated bank (the "Bank"), pursuant to which A/NPP wrote European call options and purchased European put options over an aggregate of 12,500,000 shares of Class C common stock (the "Common Shares"). The Transaction expires evenly over a series of expiration dates from May 17, 2021 to June 28, 2021, inclusive.
F3 Pursuant to the Transaction, on the transaction date listed above, the Bank's call option was automatically exercised with respect to the portion of the Transaction expiring on such date, and A/NPP became obligated to deliver the relevant number of Common Shares against payment of the exercise price. On the same date, the related put option with respect to an equal number of Common Shares expired unexercised.
F4 Pursuant to the Transaction, on the transaction date listed above, the portion of the Transaction representing both the Bank's call option and A/NPP's put option expiring on such date expired unexercised.