Warner Bros. Discovery CEO of Global Streaming Disposes Shares in Skydance Merger

Executive Summary

On October 8, 2026, Warner Bros. Discovery, Inc. ($WBD) filed a Form 4 on behalf of Jean-Briac Perrette, President & CEO, Global Streaming. The filing documents the disposition and conversion of all company equity—including direct common shares, RSUs, PRSUs, and stock options—effective October 6, 2026, in connection with the consummation of the merger between Warner Bros. Discovery and Skydance Corporation.

Transaction Breakdown

1. Common Stock Disposition:

   • Shares Disposed: 432,477 shares of Series A Common Stock were converted into the right to receive the per-share cash merger consideration of $31.01666668 (~$31.0167), generating approximately $13.41 million.
   • Post-Transaction Holdings: 0 common shares directly owned.

2. RSU and PRSU Conversions:

   • Unvested RSUs: 387,007 unvested RSUs were cancelled and converted into contingent cash awards at the merger consideration price ($31.0167 per unit), retaining original vesting schedules and double-trigger protections.
   • Previously Certified PRSUs: 227,532 unvested PRSUs were cancelled and converted into contingent cash awards on the same terms.
   • Performance-Earned PRSUs: 3,264,855 shares underlying PRSUs were earned in connection with the merger and subsequently converted into contingent cash awards.

3. Derivative Securities (Stock Options):

   • In-the-money vested options were cancelled in exchange for cash equal to the spread between the exercise price and $31.0167.
   • In-the-money unvested options were converted into contingent cash awards subject to continued vesting.
   • Out-of-the-money options (e.g., exercise price of $58.18) were cancelled without consideration.

Trading Significance

The trading significance is assessed as Low. This filing reflects standard equity treatment and closing transactions pursuant to the Agreement and Plan of Merger dated February 27, 2026, with Skydance Corporation. The reporting owner ceased to be subject to Section 16 reporting requirements upon the closing of the merger.