Gunnar Wiedenfels - Sep 15, 2025 Form 4 Insider Report for Warner Bros. Discovery, Inc. (WBD)

Signature
Tara L. Smith, by power of attorney
Stock symbol
WBD
Transactions as of
Sep 15, 2025
Transactions value $
-$6,548,203
Form type
4
Date filed
9/16/2025, 05:37 PM
Previous filing
Jul 14, 2025

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 2025-09-16 0001694392

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction WBD Series A Common Stock Sale -$4.33M -222K -16.3% $19.50 1.14M Sep 15, 2025 Direct F1
transaction WBD Series A Common Stock Options Exercise $1.14M +131K +11.49% $8.67 1.27M Sep 15, 2025 Direct F1
transaction WBD Series A Common Stock Sale -$2.56M -131K -10.31% $19.50 1.14M Sep 15, 2025 Direct F1
transaction WBD Series A Common Stock Options Exercise $2.67M +177K +15.55% $15.02 1.32M Sep 15, 2025 Direct F1
transaction WBD Series A Common Stock Sale -$3.46M -177K -13.46% $19.50 1.14M Sep 15, 2025 Direct F1
holding WBD Series A Common Stock 14.1K Sep 15, 2025 As custodian
holding WBD Series A Common Stock 13K Sep 15, 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 (right to acquire) Options Exercise $0 -131K -33% $0.00 266K Sep 15, 2025 Series A Common Stock 131K $8.67 Direct F2
transaction WBD Employee Stock Option (right to acquire) Options Exercise $0 -177K -66% $0.00 91.4K Sep 15, 2025 Series A Common Stock 177K $15.02 Direct F3
* 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 4, 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.
F3 This option vests in three installments (33%, 33%, 34%) beginning on March 1, 2024.