Director Daniel E. Sanchez Cashes Out Shares in Warner Bros. Discovery Merger

Overview

On October 6, 2026, Daniel E. Sanchez, a Director of Warner Bros. Discovery, Inc. ($WBD), reported the disposition of his entire equity interest in connection with the closing of the merger between Warner Bros. Discovery and Skydance Corporation (f/k/a Paramount Skydance Corporation).

Transaction Details

• Common Stock: Disposed of 44,054 shares of Series A Common Stock at the merger consideration price of $31.01666668 per share, totaling approximately $1.37 million in cash consideration.
• Derivative Securities: Disposed/cancelled 9,067 cash-settled Restricted Stock Units (RSUs) in exchange for cash equal to the per-share merger consideration.
• Post-Transaction Holdings: 0 shares.

Strategic Context

Pursuant to the Agreement and Plan of Merger dated February 27, 2026, Prince Sub Inc. merged with and into WBD, leaving WBD as a wholly owned subsidiary of Skydance Corporation. Consequently, all outstanding shares were converted into the right to receive cash.

Market & Trading Significance

The trading significance is assessed as Low because the transaction represents a routine disposition pursuant to the consummation of an M&A transaction rather than an open-market discretionary insider sale.