Warner Bros. Discovery: president Zeiler Gerhard sold 3,063,804 shares

What happened

• Gerhard Zeiler, president, international, reported multiple dispositions and one acquisition on Oct 6, 2026. The filing shows cash dispositions of 103,922 shares at $31.02 for $3,223,317; 262,864 shares at $31.02 for $8,153,174; 170,650 shares at $31.02 for $5,293,000; and 2,236,849 shares at $31.02 for $69,379,674. The filing also reports dispositions of 101,326 shares and 188,193 shares with price and value marked N/A, and an acquisition (grant) of 2,236,849 shares at $0.00 (recorded as acquired then disposed).

Key details

• Transaction date: Oct 6, 2026; recorded price(s): $31.02 for several cash dispositions, $0.00 for the reported acquisition, and N/A for two derivative dispositions.
• Cash received shown in the filing: $3,223,317; $8,153,174; $5,293,000; and $69,379,674 (total of those cash items: $86,049,165).
• Shares owned after the transaction: not reported in this Form 4.
• Relevant footnotes: transactions arise from the Merger Agreement dated Feb 27, 2026, by which Warner Bros. Discovery merged into Skydance; each Series A common share converted into the right to receive $31.01666668 per share (Per Share Merger Consideration). Unvested RSUs/PRSUs and options were canceled or converted into contingent rights to receive cash (Converted Cash Awards) and remain subject to original vesting conditions, including double-trigger protections (see notes F1–F7).
• Filing date: Oct 8, 2026 (period of report Oct 6, 2026). The filing does not indicate it was late.

Why it may matter

• The filing shows awards and equity subject to the Merger were converted into cash payments and many of those converted awards were settled for cash at roughly $31.02 per share as reported.
• Some reported dispositions have price/value marked N/A and involve derivative awards converted under the Merger Agreement (see footnotes).
• This filing does not show why the insider traded or why the company acted.