Form 4: Steven Newhouse Reports Warner Bros. Discovery Stock Transactions

Director Steven Newhouse acquired shares of Warner Bros. Discovery stock in lieu of a cash retainer and indirectly holds a significant interest through partnerships.

Summary

• On March 28, 2024, Steven Newhouse, a director of Warner Bros. Discovery, Inc., acquired 3,866 shares of Series A Common Stock at $0.
• This acquisition was made in lieu of a quarterly cash retainer for his services as a director.
• Following the transaction, Mr. Newhouse directly owns 47,449 shares of Series A Common Stock.
• He also has an indirect beneficial ownership of 198,181,749 shares through his affiliations with Advance Publications, Inc., Newhouse Broadcasting Corporation, and their partnerships, Advance/Newhouse Programming Partnership (ANP) and Advance Newhouse Partnership (A/N).
• ANP owns 184,023,290 shares, and A/N owns 14,158,459 shares of Warner Bros. Discovery's common stock.
• Mr. Newhouse disclaims beneficial ownership of the shares owned by A/N and ANP.

Sentiment

Score: 5

Explanation: Neutral sentiment as it's a routine disclosure of stock transactions. The acquisition in lieu of cash could be seen as slightly positive, but the disclaimer of beneficial ownership tempers any strong sentiment.

Positives

• Director's acquisition of shares may signal confidence in the company's future.

Management Comments

• Mr. Newhouse disclaims beneficial ownership of the shares of Common Stock owned by A/N and ANP and this report shall not be deemed an admission that Mr. Newhouse is the beneficial owner of such shares for purposes of Section 16 or for any other purpose.

Industry Context

Directors' stock transactions are closely watched as indicators of company performance and management confidence within the media and entertainment industry.

Comparison to Industry Standards

• Comparing director stock ownership to peers like Netflix, Disney, and Paramount can provide insights into alignment of interests.
• Monitoring similar Form 4 filings for these companies can establish benchmarks for insider activity.

Stakeholder Impact

• The transaction could have a minor positive impact on shareholder sentiment due to the director's increased stake in the company.

Key Dates