Warner Bros. Discovery Officer Bruce Campbell Disposes of Holdings in Skydance Merger

Executive Summary

On October 8, 2026, Warner Bros. Discovery, Inc. ($WBD) filed a Form 4 on behalf of Bruce Campbell, Chief Revenue & Strategy Officer. The filing reflects the disposition and conversion of all company equity awards—including common stock, unvested RSUs, PRSUs, and stock options—effective October 6, 2026, pursuant to the Agreement and Plan of Merger with Skydance Corporation (f/k/a Paramount Skydance Corporation).

Transaction Details

• Effective Date: October 6, 2026
• Merger Consideration: $31.01666668 per share in cash.
• Common Shares & Restricted Units:
  • 147 shares of Series A Common Stock were converted into the right to receive $31.0167 per share in cash.
  • 376,987 unvested RSUs were cancelled and converted into contingent Converted Cash Awards subject to existing vesting schedules and double-trigger protections.
  • 227,532 previously certified unvested PRSUs were cancelled and converted into contingent Converted Cash Awards.
  • 3,264,855 earned PRSUs were recognized and converted into contingent Converted Cash Awards at the merger consideration price.
• Derivative Holdings (Options):
  • 130,546 out-of-the-money options (exercise price $58.18) were cancelled for no consideration.
  • In-the-money options (143,545 at $8.67; 266,606 at $11.02; 31,366 at $11.85) were cancelled and converted into contingent cash awards reflecting the spread between the exercise price and $31.0167.

Impact on Ownership

Following the transactions, Bruce Campbell directly holds 0 shares and 0 derivative securities of Warner Bros. Discovery, reflecting complete disposition of equity in connection with the company becoming a wholly owned subsidiary of Skydance Corporation.

Market Significance

This filing carries Low informational significance regarding insider sentiment, as the dispositions and conversions were non-discretionary actions mandated by the consummation of the merger agreement rather than open-market buying or selling.