Warner Bros. Discovery Director Fazal Merchant Disposes of Equity in Skydance Merger

Executive Summary

On October 6, 2026, Warner Bros. Discovery, Inc. ($WBD) director Fazal F. Merchant disposed of his equity holdings in connection with the consummation of WBD's merger with Skydance Corporation. Merchant disposed of 24,000 shares of Series A Common Stock at $31.0167 per share, realizing approximately $744,401 in cash consideration. Additionally, 9,067 restricted stock units (RSUs) were cancelled and converted to cash under the merger terms.

Transaction Details

• Security: Series A Common Stock
• Transaction Code: D (Disposition pursuant to corporate merger)
• Shares Sold: 24,000 direct shares
• Transaction Price: $31.0167 per share
• Post-Transaction Direct Ownership: 0 shares
• Derivative Activity: 9,067 RSUs were cancelled and converted to the right to receive cash equal to the per-share merger consideration ($31.01666668 per share).

Impact and Market Assessment

Because this transaction represents a mandatory disposition and cash-out resulting from the completion of the merger between Warner Bros. Discovery, Inc. and Skydance Corporation (with WBD surviving as a wholly owned subsidiary of Skydance), it does not indicate discretionary insider sentiment or an open-market conviction trade. Consequently, the trading significance of this filing is Low.