Warner Bros. Discovery Director Richard W. Fisher Disposes Holdings in Skydance Merger

Executive Summary

On October 6, 2026, Warner Bros. Discovery, Inc. ($WBD) director Richard W. Fisher reported the disposition of his equity holdings in connection with the closing of the merger between WBD and Skydance Corporation (f/k/a Paramount Skydance Corporation). Under the merger agreement, all outstanding shares of Series A Common Stock, deferred stock units (DSUs), and restricted stock units (RSUs) were cancelled and converted into the right to receive $31.01666668 in cash per share.

Transaction Details

• Non-Derivative Dispositions:
  • 27,673 shares of Series A Common Stock disposed of at $31.0167 per share ($858,325.14).
  • 16,106 shares underlying DSUs converted to cash merger consideration at $31.0167 per share ($499,554.97).
• Derivative Dispositions:
  • 9,067 RSUs cancelled and converted into cash merger consideration at $31.0167 per share ($281,228.42).
• Post-Transaction Holdings: 0 shares / units remaining.

Market & Governance Impact

This Form 4 represents the mandatory liquidation and cash-out of board-level equity holdings upon the consummation of a corporate merger. Because the transactions are non-discretionary dispositions governed by the Agreement and Plan of Merger dated February 27, 2026, they carry low trading significance and do not reflect discretionary insider sentiment.