Zaslav David 4

What Happened

• David Zaslav, CEO of Warner Bros. Discovery, exercised 2,089,876 stock options and immediately sold those shares and additional shares in open-market transactions on July 13, 2026. He acquired 2,089,876 shares at $10.16 each (cash paid $21,233,140) and sold 2,089,876 of those shares at a weighted-average $27.22 ($56,886,425). He also sold an additional 94,906 shares at the same weighted-average price for $2,583,341. Total reported sale proceeds ≈ $59.47M.

Key Details

• Transaction date: July 13, 2026 (filed July 15, 2026 — appears timely).
• Exercise (M): 2,089,876 shares acquired @ $10.16 = $21,233,140.
• Sales (S): 2,089,876 shares sold @ $27.22 = $56,886,425; 94,906 shares sold @ $27.22 = $2,583,341.
• Total sale proceeds reported: ≈ $59,469,766.
• Shares owned after transaction: Not disclosed in the provided filing excerpt.
• Footnotes:
  • F1: Sales were made pursuant to a Rule 10b5-1 trading plan entered March 12, 2026.
  • F2: $27.22 is a weighted-average price from multiple sale prices ($27.00–$27.59); specific per-price breakdown available on request.
  • F3: The exercised options were from a June 12, 2025 grant under Zaslav’s employment agreement; performance hurdles applicable to part of the grant had been satisfied, leaving time-based vesting.
• No indication in the filing excerpt that the Form 4 was late.

Context

• This was effectively a cashless exercise: options were exercised to obtain shares and those shares were sold in the market on the same day. The filing also reports the underlying options as disposed/converted upon exercise (reported at $0), which is standard when options are exercised into common stock.
• Sales done under a pre-established 10b5-1 plan are typically automated and comply with insider-trading rules; they are routine disclosures of insider liquidity rather than an explicit signal about the company’s prospects.
• Facts are presented as reported; this summary does not infer the insider’s motivations.