Warner Bros. Discovery chief executive David Zaslav sells $59.47 million of shares

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

David Zaslav, chief executive of Warner Bros. Discovery, sold 2,184,782 shares of the company's Series A common stock on Jul 13 for $59.47 million, an average of $27.22 a share; 2,089,876 of those shares were acquired that day by exercising options. The sale is reported on a Form 4, the SEC filing in which a company's directors and officers report their own trades; it was filed on Jul 15 under the name Zaslav David, the SEC's surname-first order, and signed by Tara L. Smith as attorney-in-fact. It lists 2 sale lines, held directly: 2,089,876 shares and 94,906 shares, both at $27.22. A footnote says that price is a weighted average of sales made at prices from $27.00 to $27.59 a share. After the last sale line the form states 6,902,840 Series A shares held directly.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12^,13^,14^,15^,16

A footnote says the sales were made under a trading arrangement under Rule 10b5-1, the rule for pre-arranged trading plans, which Zaslav entered into on Mar 12, 2026 and Warner Bros. Discovery disclosed in its 10-Q for the quarter ended Mar 31, 2026. The form's Rule 10b5-1 box is ticked, and it is one answer for the whole form. On the same day the form also reports an exercise of options for 2,089,876 shares, listed at $10.16 a share, apart from the sale lines. A footnote says the options were part of a grant of 20,898,776 options made on Jun 12, 2025 under his employment agreement, exercisable in five equal annual installments beginning Jun 12, 2026, and the form lists 18,808,900 employee stock options held directly after that line.17^,18^,8^,19^,20

Zaslav's open-market sales reported on Form 4s came to $172.63 million in 2 filings, this one included, in the 12 months to the end of Jul 15, with no open-market purchases among the Form 4s we hold. Sales by insiders of Warner Bros. Discovery and the companies under it came to $342.65 million in 21 filings in that period, against 1 filing with a purchase of $3.55 million.21^,22^,23^,24^,25^,26^,27

Warner Bros. Games is the company's game publisher, and Avalanche Software, NetherRealm Studios, Rocksteady Studios and TT Games sit under it; Avalanche developed Hogwarts Legacy and NetherRealm developed Mortal Kombat 1.28^,29^,30^,31^,32^,33^,34^,35

Our records hold no Form 4/A of this filing that passed our checks, so the lines here are as first filed, and we do not read holdings a form reports without a transaction.36^,37