Warner Bros. Discovery Director Anton J. Levy Sells $9.65M in Common Stock

Executive Summary

On September 8, 2026, Warner Bros. Discovery, Inc. ($WBD) director Anton J. Levy filed a Form 4 disclosing the open-market sale of 340,000 shares of Series A Common Stock on September 3, 2026. The shares were sold at a weighted average price of $28.39 (ranging between $28.37 and $28.44), generating gross proceeds of approximately $9.65 million.

Transaction Breakdown

• Insider: Anton J. Levy
• Role: Director
• Security: Series A Common Stock
• Shares Sold: 340,000
• Average Sale Price: $28.39
• Gross Proceeds: $9,652,600
• Post-Transaction Direct Holdings: 618,067 shares
• Percentage Reduction: Approximately 35.5% of direct holdings prior to the trade (from 958,067 shares to 618,067 shares)
• Rule 10b5-1 Flag: Not marked as a Rule 10b5-1 pre-scheduled trading plan

Market & Strategic Context

This represents a substantial direct disposition by a board member, totaling nearly $10 million in value. Because the filing does not indicate adoption under a Rule 10b5-1 trading plan, the transaction constitutes a discretionary open-market sale, commanding high market interest and scrutiny.