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

Signature
Tara L. Smith, Attorney-in-Fact
Stock symbol
WBD
Transactions as of
Sep 11, 2025
Transactions value $
-$6,260,552
Form type
4
Date filed
9/12/2025, 05:56 PM
Previous filing
Aug 19, 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 2025-09-12 0001421985

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction WBD Series A Common Stock Sale -$2.4M -150K -27.15% $16.00 402K Sep 11, 2025 Direct F1
transaction WBD Series A Common Stock Options Exercise $1.21M +139K +34.62% $8.67 542K Sep 11, 2025 Direct F1
transaction WBD Series A Common Stock Sale -$2.37M -139K -25.72% $17.00 402K Sep 11, 2025 Direct F1
transaction WBD Series A Common Stock Sale -$2.7M -150K -37.27% $18.00 252K Sep 12, 2025 Direct F1
holding WBD Series A Common Stock 210K Sep 11, 2025 By spouse as trustee for children
holding WBD Series A Common Stock 145K Sep 11, 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 -139K -33% $0.00 283K Sep 11, 2025 Series A Common Stock 139K $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.