Warner Bros. Discovery Director Paul A. Gould Disposes of Position in Merger

Warner Bros. Discovery, Inc. (WBD) Form 4 Analysis

Transaction Overview

On October 6, 2026, Director Paul A. Gould reported the disposition of all common equity holdings in Warner Bros. Discovery, Inc. pursuant to the completion of the merger with Skydance Corporation (f/k/a Paramount Skydance Corporation).

• Security Transacted: Series A Common Stock
• Total Non-Derivative Shares Disposed: 220,357 shares (reported in two tranches of 117,198 and 103,159 shares)
• Merger Consideration Price: $31.0167 per share ($31.01666668 exact)
• Total Gross Consideration: ~$6,834,748
• Post-Transaction Beneficial Ownership: 0 shares

Additionally, outstanding derivative positions consisting of 24,000 Deferred Stock Units (DSUs) and 9,067 Restricted Stock Units (RSUs) were cancelled and converted into cash consideration equal to the merger consideration per underlying share.

Filing Context & Significance

• Significance: Low. This filing reflects mandatory cash-out and disposition resulting from the consummation of the merger agreement entered into on February 27, 2026.
• The filing includes the Section 16 box check indicating the reporting person is no longer subject to Section 16 reporting obligations for WBD.
• Because this transaction represents a corporate acquisition closing rather than open-market discretionary sentiment, it carries low predictive value regarding individual stock performance.