Anthony Noto Disposes of WBD Equity Position in Merger with Skydance

Executive Summary

On October 6, 2026, Warner Bros. Discovery, Inc. (WBD) Director Anthony Noto disposed of his entire direct equity holding of 45,306 shares of Series A Common Stock at a cash merger consideration of $31.0167 per share, totaling approximately $1.41 million. In addition, 9,067 restricted stock units (RSUs) were cancelled and converted into the right to receive cash merger consideration. This transaction reflects the closing of WBD's merger with Prince Sub Inc., a wholly owned subsidiary of Skydance Corporation, rather than an open-market, discretionary insider sale.

Transaction Details

• Non-Derivative Disposition: 45,306 shares of Series A Common Stock disposed of under transaction code D at $31.0167 per share pursuant to the Agreement and Plan of Merger dated February 27, 2026.
• Derivative Disposition: 9,067 cash-settled RSUs were cancelled and converted into cash consideration equal to the merger consideration per underlying share.
• Post-Transaction Beneficial Ownership: 0 shares.

Market & Governance Impact

Because the disposition was consummated pursuant to a pre-existing merger agreement resulting in WBD becoming a wholly owned subsidiary of Skydance Corporation, this Form 4 represents standard deal closing mechanics. Consequently, the transaction does not indicate a shift in insider sentiment or operational outlook, and its trading significance is classified as Low.