Bruce Campbell - 11 Sep 2025 Form 4 Insider Report for Warner Bros. Discovery, Inc. (WBD)

Signature
Tara L. Smith, Attorney-in-Fact
Issuer symbol
WBD
Transactions as of
11 Sep 2025
Net transactions value
-$6,260,552
Form type
4
Filing time
12 Sep 2025, 17:56:49 UTC
Previous filing
19 Aug 2025
Next filing
17 Dec 2025

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Campbell Bruce Chief Rev & Strategy Officer 230 PARK AVENUE SOUTH, NEW YORK Tara L. Smith, Attorney-in-Fact 12 Sep 2025 0001421985

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction WBD Series A Common Stock Sale $2,400,000 -150,000 -27% $16.00 402,464 11 Sep 2025 Direct F1
transaction WBD Series A Common Stock Options Exercise $1,207,922 +139,322 +35% $8.67 541,786 11 Sep 2025 Direct F1
transaction WBD Series A Common Stock Sale $2,368,474 -139,322 -26% $17.00 402,464 11 Sep 2025 Direct F1
transaction WBD Series A Common Stock Sale $2,700,000 -150,000 -37% $18.00 252,464 12 Sep 2025 Direct F1
holding WBD Series A Common Stock 209,700 11 Sep 2025 By spouse as trustee for children
holding WBD Series A Common Stock 145,418 11 Sep 2025 By LLC through grantor retained annuity trust

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 Employee Stock Option Options Exercise $0 -139,322 -33% $0.000000 282,868 11 Sep 2025 Series A Common Stock 139,322 $8.67 Direct F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

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).

Explanation of Responses:

Id Content
F1 As previously disclosed by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, the Reporting Person entered into a trading arrangement pursuant to Rule 10b5-1 on March 13, 2025. These sales were made pursuant to that trading arrangement.
F2 This option vests in three installments (33%, 33%, 34%) beginning on March 1, 2025.