Campbell Bruce 4
4 · Warner Bros. Discovery, Inc. · Filed Feb 26, 2026
Research Summary
AI-generated summary of this filing
WBD’s Campbell Bruce Receives 725,792-Share Award
What Happened
Campbell Bruce, Warner Bros. Discovery’s Chief Revenue & Strategy Officer, was awarded a total of 725,792 performance-based restricted stock units (PRSUs) that vested on Feb 24, 2026. The filing shows two award acquisitions: 270,728 shares (reported as $0.00) and 455,064 shares (reported as $0.00). These are awards earned based on company performance metrics rather than open-market purchases or sales.
Key Details
- Transaction date: 2026-02-24; Form 4 filed 2026-02-26 (timely within the two-business-day window).
- Awards: 270,728 shares (incremental vesting from the 3/1/2023 PRSU grant) and 455,064 shares (3/1/2024 PRSU grant) — total 725,792 shares. Reported acquisition price: $0.00 (awarded).
- Footnotes:
- The 270,728 shares are the incremental portion of the 3/1/2023 grant after a 3-year TSR modifier certified at 199.5% of target (aggregate 542,816 shares; 272,088 shares of that had been reported as earned on 2/26/2024 at 100% of target).
- The 455,064 shares are PRSUs from 3/1/2024 earned at 200% of target based on 2024–2025 free cash flow performance.
- Shares owned after the transaction are not specified in the provided filing excerpt. No sale or tax-withholding disposition is reported here.
Context
PRSUs are performance-based awards that convert to shares when the company meets predefined targets (here: free cash flow and relative TSR). These awards represent compensation tied to past performance certification by the Compensation Committee and are not an open-market purchase or insider sale; they should be viewed as executive compensation vesting rather than a direct trading signal.
Insider Transaction Report
- Award
Series A Common Stock
[F1]2026-02-24+270,728→ 1,091,140 total - Award
Series A Common Stock
[F2]2026-02-24+455,064→ 1,546,204 total
- 145,418(indirect: By Trust)
Series A Common Stock
- 209,700(indirect: By Trust)
Series A Common Stock
Footnotes (2)
- [F1]These shares represent PRSUs originally granted to the reporting person ("RP") on 3/1/2023. On 2/26/2024, based on WBD's 2023 free cash flow performance, the WBD Compensation Committee ("CC") determined that target performance had been achieved and the RP filed a Form 4 reporting 272,088 shares (100% of target) as earned. This 3/1/2023 grant was also subject to a 3-year TSR modifier. On 2/24/2026, based on WBD's TSR performance relative to the S&P 500 M&E Index over the 2023-2025 period, the CC certified that the 3/1/2023 grant should vest at 199.5% of target (for an aggregate of 542,816 shares). This Form 4 is reporting the incremental 270,728 shares as earned.
- [F2]These shares represent PRSUs granted to the RP on 3/1/2024 and were earned based solely on WBD's 2024 and 2025 free cash flow ("FCF") performance in relation to a pre-established target. On 2/24/2026, the CC certified that WBD's 2025 FCF performance was significantly above the established target, resulting in these PRSUs being earned at 200% of target.