Form 4: WBD Chief Accounting Officer Sells Shares Under 10b5-1 Plan

Warner Bros. Discovery's Chief Accounting Officer, Lori C. Locke, sold 10,000 shares of Series A Common Stock through a pre-arranged trading plan.

Summary

• Lori C. Locke, Chief Accounting Officer of Warner Bros. Discovery, Inc. (WBD), reported the sale of 10,000 shares of Series A Common Stock.
• On December 4, 2025, 5,000 shares were sold at a price of $24.14 per share.
• On December 5, 2025, an additional 5,000 shares were sold at a price of $25.42 per share.
• These transactions were executed pursuant to a Rule 10b5-1 trading arrangement established on August 28, 2025.
• Following these sales, Locke beneficially owns 115,084 shares of Series A Common Stock.

Sentiment

Score: 6

Explanation: The insider sales were executed under a pre-arranged Rule 10b5-1 trading plan, which typically signals that the transactions are for personal financial planning rather than a reaction to new, non-public negative information about the company. This mitigates potential negative sentiment associated with insider selling.

Positives

• The sales were conducted under a Rule 10b5-1 trading plan, which indicates the transactions were pre-scheduled and not based on new material non-public information.

Negatives

• Insider selling, even under a 10b5-1 plan, reduces the direct ownership stake of a key executive in the company.

Industry Context

This filing reports a routine insider transaction for an executive at a major media and entertainment company. Such transactions are common for executives managing personal finances and are often pre-scheduled to avoid concerns about trading on non-public information.

Stakeholder Impact

• Shareholders: The reduction in direct ownership by a key executive is minor and pre-planned, so it is unlikely to have a significant impact on shareholder confidence or company strategy.

Key Dates

Keywords

WBD, Warner Bros. Discovery, insider trading, Form 4, stock sale, Lori C. Locke, Chief Accounting Officer, 10b5-1 plan