Form 4: Warner Bros. Discovery CEO Sells Shares
Insider Transaction (Form 4)
David Zaslav, Chief Executive Officer & Pres and a Director of Warner Bros. Discovery, Inc., sold 968,172 shares of common stock on August 13, 2026.
Summary
- Open-market sale: disposed of 94,906 Series A Common Stock at $28.00 ($2,657,368) on August 13, 2026; holds 6,807,934 after (Direct).
- Option exercise/conversion: acquired 678,267 Series A Common Stock at $10.16 ($6,891,193) on August 13, 2026; holds 7,486,201 after (Direct).
- Open-market sale: disposed of 678,267 Series A Common Stock at $28.01 ($18,998,259) on August 13, 2026; holds 6,807,934 after (Direct).
- Option exercise/conversion: acquired 194,999 Series A Common Stock at $10.16 ($1,981,190) on August 14, 2026; holds 7,002,933 after (Direct).
- Open-market sale: disposed of 194,999 Series A Common Stock at $28.02 ($5,463,872) on August 14, 2026; holds 6,807,934 after (Direct).
- Option exercise/conversion: disposed of 678,267 Employee Stock Option on August 13, 2026; holds 18,130,633 after (Direct).
- Option exercise/conversion: disposed of 194,999 Employee Stock Option on August 14, 2026; holds 17,935,634 after (Direct).
Sentiment
Score: 4
Explanation: StockSavvy.ai views this as a mildly negative but low-conviction signal: an insider sold $27,119,499 of stock under a pre-arranged Rule 10b5-1 plan, which is typically routine.
Insider Transactions
David Zaslav — Director, Officer (Chief Executive Officer & Pres)
Transaction made under a Rule 10b5-1 trading plan.
| Date | Transaction | Security | Shares | Price | Value | Held After |
|---|---|---|---|---|---|---|
| 2026-08-13 | Open-market sale | Series A Common Stock | 94,906 | $28 | $2.7M | 6,807,934 |
| 2026-08-13 | Option exercise/conversion | Series A Common Stock | 678,267 | $10 | $6.9M | 7,486,201 |
| 2026-08-13 | Open-market sale | Series A Common Stock | 678,267 | $28 | $19.0M | 6,807,934 |
| 2026-08-14 | Option exercise/conversion | Series A Common Stock | 194,999 | $10 | $2.0M | 7,002,933 |
| 2026-08-14 | Open-market sale | Series A Common Stock | 194,999 | $28 | $5.5M | 6,807,934 |
| 2026-08-13 | Option exercise/conversion | Employee Stock Option | 678,267 | — | — | 18,130,633 |
| 2026-08-14 | Option exercise/conversion | Employee Stock Option | 194,999 | — | — | 17,935,634 |
Key Dates
| Date | Description |
|---|---|
| 2026-08-13 | Open-market sale (94,906 shares) |
| 2026-08-13 | Option exercise/conversion (678,267 shares) |
| 2026-08-13 | Open-market sale (678,267 shares) |
| 2026-08-14 | Option exercise/conversion (194,999 shares) |
| 2026-08-14 | Open-market sale (194,999 shares) |
| 2026-08-13 | Option exercise/conversion (678,267 shares) |
| 2026-08-14 | Option exercise/conversion (194,999 shares) |
Keywords
insider transaction, Form 4, WBD, Warner Bros. Discovery, Inc., bearish, David Zaslav
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