Warner Bros. Discovery Insider Gerhard Zeiler Disposes Holdings via Merger

Executive Summary

On October 8, 2026, Gerhard Zeiler, President, International at Warner Bros. Discovery, Inc. ($WBD), reported the disposition of all company equity holdings effective October 6, 2026. This filing reflects the completion of the merger between WBD and Skydance Corporation, pursuant to which WBD became a wholly owned subsidiary of Skydance.

Transaction Breakdown

• Common Stock: 103,922 shares of Series A Common Stock were converted into the right to receive cash merger consideration of approximately $31.0167 per share, totaling approximately $3.22M.
• Restricted Stock Units (RSUs) & Performance RSUs (PRSUs):
  • 262,864 unvested RSUs were cancelled and converted into contingent cash awards based on the per-share merger consideration.
  • 170,650 certified unvested PRSUs were cancelled and converted into contingent cash awards.
  • 2,236,849 PRSUs earned upon merger closing were similarly converted into contingent cash awards.
• Stock Options:
  • 101,326 options (exercise price $8.67) and 188,193 options (exercise price $11.02) were cancelled and converted into contingent cash awards based on the spread between the merger consideration ($31.0167) and the strike prices.

Market Significance

This filing receives a Low trading significance rating as it represents standard corporate merger mechanics rather than discretionary open-market buying or selling activity. The insider ceased to be subject to Section 16 following the merger's close.