Form 4 for WBD Warner Bros. Discovery

Accepted 2026-02-26 00:00:00 ET · period of report 2026-02-24 · accession 0001421985-26-000002 · SEC index · Original document

Summary rows

Aggregated the way they appear in lists: one row per insider, transaction code and security table.

X	Filed	Traded	Ticker	Insider	Title	Type	Price	Qty	Owned	ΔOwn	Value
M	2026-02-26	2026-02-24	WBD	Campbell Bruce	Chief Rev, Strategy Off	A - Grant	$0.00	+725.8K	1.09M	+199%	$0

Purchase Sale Sale after option exercise All abbreviations

#	Table	Security	Date	Code	A/D	Shares	Price	Owned after	Own	Exercise / expiry	Underlying	Footnotes
1	Common	Series A Common Stock	2026-02-24	A	A	455,064	$0.00	1,546,204	D	—	—	(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.
2	Common	Series A Common Stock	2026-02-24	A	A	270,728	$0.00	1,091,140	D	—	—	(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.