Gunnar Wiedenfels - 10 Dec 2025 Form 4 Insider Report for Warner Bros. Discovery, Inc. (WBD)

Signature
Tara L. Smith, by power of attorney
Issuer symbol
WBD
Transactions as of
10 Dec 2025
Net transactions value
-$610,416
Form type
4
Filing time
12 Dec 2025, 16:54:28 UTC
Previous filing
03 Nov 2025
Next filing
26 Feb 2026

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Wiedenfels Gunnar Chief Financial Officer 230 PARK AVENUE SOUTH, NEW YORK Tara L. Smith, by power of attorney 12 Dec 2025 0001694392

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction WBD Series A Common Stock Options Exercise $2,692,575 +92,592 +10% $29.08 1,011,532 10 Dec 2025 Direct F1
transaction WBD Series A Common Stock Sale $2,731,464 -92,592 -9.2% $29.50 918,940 10 Dec 2025 Direct F1
transaction WBD Series A Common Stock Options Exercise $3,865,331 +150,402 +16% $25.70 1,069,342 10 Dec 2025 Direct F1
transaction WBD Series A Common Stock Sale $4,436,859 -150,402 -14% $29.50 918,940 10 Dec 2025 Direct F1
holding WBD Series A Common Stock 14,140 10 Dec 2025 As custodian
holding WBD Series A Common Stock 13,045 10 Dec 2025 By Spouse

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 -92,592 -100% $0.000000 0 10 Dec 2025 Series A Common Stock 92,592 $29.08 Direct F2, F3
transaction WBD Employee Stock Option Options Exercise $0 -150,402 -100% $0.000000 0 10 Dec 2025 Series A Common Stock 150,402 $25.70 Direct F3, F4
* 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 September 30, 2025, the Reporting Person entered into a trading arrangement pursuant to Rule 10b5-1 on March 4, 2025. These sales were made pursuant to that trading arrangement.
F2 As initially granted, this option vests in four equal annual installments beginning March 1, 2020.
F3 Represents WBD Series A common stock.
F4 As initially granted, this option vests in four equal annual installments beginning February 28, 2021.