Insider Transactions by Warner Bros. Discovery CEO

David Zaslav, Chief Executive Officer and President of Warner Bros. Discovery, Inc. (NASDAQ:WBD), sold a total of 968,172 shares of Series A common stock in multiple transactions on August 13 and August 14, 2026. The sales generated approximately $27,119,498, with transaction prices ranging from $28.00 to $28.15 per share. These disposals were executed under a Rule 10b5‑1 trading plan that Mr. Zaslav established on March 12, 2026.

The timing follows a 136% total return for WBD shares over the past year, after rebounding from a 52‑week low of $11.25. InvestingPro’s analysis currently classifies the stock as overvalued relative to its fair value, placing it on the “Most Overvalued” list.

In parallel, Mr. Zaslav exercised employee stock options to acquire 873,266 shares of Series A common stock on the same two days. The options were exercised at $10.16 per share, amounting to roughly $8,872,382. These options stem from a grant dated June 12, 2025; performance‑based hurdles have been satisfied, leaving only a time‑based vesting schedule that permits exercise in five equal annual installments beginning June 12, 2026.

Following the reported sales and exercises, Zaslav now directly holds 6,807,934 shares of Series A common stock and beneficially owns 17,935,634 derivative securities in the form of employee stock options.

Recent Operational and Strategic Updates

Warner Bros. Discovery reported its second‑quarter 2026 results, showing adjusted earnings of $0.06 per share, surpassing Wall Street’s forecast of a $0.15 loss per share. Revenue for the quarter was $8.7 billion, falling short of analysts’ expectations of $9.22 billion. Notably, streaming revenue exceeded $3 billion for the first time in a quarter.

The United Kingdom government approved Paramount’s $81 billion acquisition of Warner Bros. Discovery, with assurances that the combined entity will preserve editorial independence for its television and streaming services. This approval follows concerns about potential media concentration in the UK.

Benchmark retained its Hold rating on Warner Bros. Discovery, noting ongoing discussions about Paramount potentially divesting CNN to address a State Attorney General antitrust lawsuit.

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