Advance Long Term Management Trust - Jun 21, 2021 Form 4 Insider Report for Discovery, Inc. (WBD)

Role
Director, 10%+ Owner
Signature
Advance/Newhouse Programming Partnership, By: /s/ Oren Klein, Chief Financial Officer
Stock symbol
WBD
Transactions as of
Jun 21, 2021
Transactions value $
$0
Form type
4
Date filed
6/23/2021, 09:32 PM
Previous filing
Jun 21, 2021
Next filing
Jun 28, 2021

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) Expiration of short derivative position $0 -417K -16.67% $0.00 2.08M Jun 21, 2021 Series C Common Stock 417K $31.30 June 21, 2021 F2, F3
transaction WBD Put option (right to sell) Other $0 -417K -16.67% $0.00 2.08M Jun 21, 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 -20% $0.00 1.67M Jun 22, 2021 Series C Common Stock 417K $31.30 See Footnote F1, F2, F3
transaction WBD Put option (right to sell) Other $0 -417K -20% $0.00 1.67M Jun 22, 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 -25% $0.00 1.25M Jun 23, 2021 Series C Common Stock 417K $31.30 See Footnote F1, F2, F3
transaction WBD Put option (right to sell) Other $0 -417K -25% $0.00 1.25M Jun 23, 2021 Series C Common Stock 417K $24.18 See Footnote F1, F2, F3
* 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 portion of the Transaction representing both the Bank's call option and A/NPP's put option expiring on such date expired unexercised.