Warner Bros. Discovery, Inc. — Director's Dealing 2025

Sep 16, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Warner Bros. Discovery, Inc. (WBD)
CIK: 0001437107
Period of Report: 2025-09-15

Reporting Person: Wiedenfels Gunnar (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-09-15	Series A Common Stock	S	222210	$19.50	Disposed	1141150	Direct
2025-09-15	Series A Common Stock	M	131127	$8.67	Acquired	1272277	Direct
2025-09-15	Series A Common Stock	S	131127	$19.50	Disposed	1141150	Direct
2025-09-15	Series A Common Stock	M	177456	$15.02	Acquired	1318606	Direct
2025-09-15	Series A Common Stock	S	177456	$19.50	Disposed	1141150	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-09-15	Employee Stock Option (right to acquire)	$8.67	M	131127	Disposed	2031-03-01	Series A Common Stock (131127)	Direct
2025-09-15	Employee Stock Option (right to acquire)	$15.02	M	177456	Disposed	2030-03-01	Series A Common Stock (177456)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Series A Common Stock	14140	Indirect
Series A Common Stock	13045	Indirect

Footnotes

F1: As previously disclosed by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, the Reporting Person entered into a trading arrangement pursuant to Rule 10b5-1 on March 4, 2025. These sales were made pursuant to that trading arrangement.

F2: This option vests in three installments (33%, 33%, 34%) beginning on March 1, 2025.

F3: This option vests in three installments (33%, 33%, 34%) beginning on March 1, 2024.