Noto Anthony 4

What Happened
Anthony Noto, a director of Warner Bros. Discovery, received 1,079 shares of WBD common stock on 2026-06-30 as an award/acquisition. The filing reports an acquisition price of $0.00 (shares issued in lieu of a quarterly cash retainer), so the transaction value is recorded as $0 on the Form 4. This was not a purchase or sale in the open market but a routine director compensation election.

Key Details

• Transaction date: 2026-06-30; Filing date (Form 4): 2026-07-01 (filed timely).
• Transaction type/code: Award/Acquisition (A).
• Shares acquired: 1,079; Price reported: $0.00; value shown on form: $0.
• Shares owned after transaction: Not specified in the filing.
• Footnote: Mr. Noto elected to receive shares of common stock in lieu of a quarterly cash retainer.
• No indication of a 10b5-1 plan, option exercise, sale, or tax-withholding in this filing.

Context
Equity issued in lieu of cash retainer to directors is a common, routine form of compensation and does not by itself indicate a change in insider sentiment. Because this was an award (not an open-market buy or sale), it’s primarily a compensation disclosure rather than an investment decision by the insider.