Warner Bros. Discovery Director Debra L. Lee Disposes of Shares in Merger Cash-Out

Executive Summary

On October 6, 2026, Debra L. Lee, a member of the Board of Directors of Warner Bros. Discovery, Inc. ($WBD), disposed of her entire direct common stock holding (42,806 shares) at $31.0167 per share, generating gross proceeds of approximately $1.33 million. In addition, 33,067 restricted and deferred stock units were cancelled and converted into cash merger consideration. This transaction was not an open-market sale but rather executed pursuant to the consummation of the merger with Skydance Corporation.

Transaction Details

• Date of Transaction: October 6, 2026
• Common Shares Disposed: 42,806 shares of Series A Common Stock across two tranches (26,700 shares and 16,106 shares) at a fixed merger consideration of $31.0167 per share.
• Derivative Securities: 24,000 Deferred Stock Units (DSUs) and 9,067 Restricted Stock Units (RSUs) were cancelled and converted into the right to receive cash equivalent to $31.0167 per underlying share.
• Remaining Beneficial Ownership: 0 shares.

Strategic Context & Significance

• Significance: Low. The disposition represents a non-discretionary merger closing event under Code 'D', where WBD merged with a subsidiary of Skydance Corporation and survived as a wholly owned subsidiary.
• Market Impact: Because this reflects a completed acquisition and cash-out at the negotiated deal price, it conveys no discretionary insider sentiment or forward-looking operational signal regarding the underlying business.