Warner Bros. Discovery CLO Priya Aiyar Disposes Equity Holdings in Skydance Merger

Executive Summary\nOn October 8, 2026, Priya Aiyar, Chief Legal Officer of Warner Bros. Discovery, Inc. ($WBD), filed a Form 4 reporting the disposition of equity holdings effective October 6, 2026. The dispositions took place pursuant to the Agreement and Plan of Merger between Warner Bros. Discovery, Inc. and Skydance Corporation, wherein WBD survived as a wholly owned subsidiary of Skydance.\n\n### Transaction Breakdown\n- Restricted Stock Units (RSUs): 897,844 shares of Series A Common Stock were cancelled and converted into contingent rights to receive cash awards based on the per-share merger consideration of $31.0167 (valued at approximately $27.85M).\n- Performance Restricted Stock Units (PRSUs): 948,656 shares underlying unvested PRSUs were earned at the effective time and subsequently cancelled and converted into contingent rights to receive cash awards at $31.0167 per share (valued at approximately $29.42M).\n- Stock Options: 156,827 employee stock options with an exercise price of $11.02 were cancelled and converted into contingent cash rights for the spread between the merger consideration ($31.0167) and the strike price ($11.02).\n\n### Market & Trading Significance\nThis filing reflects non-discretionary corporate M&A activity rather than open-market buying or selling. Because these conversions and dispositions were executed automatically in connection with the closing of the merger with Skydance Corporation, the trading significance is rated as Low for predictive market sentiment.