Warner Bros. Discovery Director Geoffrey Yang Disposes of Holdings via Skydance Merger

Executive Summary

On October 6, 2026, Warner Bros. Discovery, Inc. (NASDAQ: WBD) director Geoffrey Y. Yang reported the disposition of all company equity holdings in connection with the consummation of WBD's merger with Skydance Corporation (f/k/a Paramount Skydance Corporation). Under the merger agreement, each share of Series A Common Stock was converted into the right to receive cash consideration of approximately $31.0167 per share.

Transaction Breakdown

• Direct Non-Derivative Dispositions:
  • 77,946 shares of Series A Common Stock disposed at $31.0167 per share ($2,417,627.70).
  • 16,106 shares disposed at $31.0167 per share ($499,555.03), bringing direct common stock holdings to 0.
• Indirect Non-Derivative Disposition:
  • 98,285 shares held indirectly through limited partnerships disposed at $31.0167 per share ($3,048,476.36), bringing indirect holdings to 0.
• Derivative Securities (DSUs / RSUs):
  • 24,000 Deferred Stock Units (DSUs) and 9,067 Restricted Stock Units (RSUs) were cancelled and converted into the right to receive cash merger consideration equal to the number of underlying shares multiplied by $31.0167 per share.

Strategic & Market Context

• Transaction Nature: Dispositions were executed pursuant to the Agreement and Plan of Merger dated February 27, 2026, where a merger subsidiary merged with and into WBD, making WBD a wholly owned subsidiary of Skydance Corporation.
• Trading Significance: Low. The transaction reflects a complete, mandatory liquidation of holdings in connection with a corporate buyout/merger, rather than discretionary open-market trading sentiment.