Warner Bros. Discovery Officer Disposes Equity Awards via Skydance Merger

Warner Bros. Discovery ($WBD) Form 4 Analysis

Insider Information:

• Name: Amy Girdwood
• Title: Chief People & Culture Officer
• Filer Status: Officer (Section 16 box checked indicates reporting owner is no longer subject to Section 16 following the transaction)

Transaction Overview: On October 6, 2026, Amy Girdwood reported the disposition and conversion of equity awards in connection with the consummation of the merger between Warner Bros. Discovery, Inc. and Skydance Corporation (with WBD surviving as a wholly owned subsidiary of Skydance):

1. Disposition of RSUs (Code D): 539,374 unvested restricted stock units were cancelled and converted into contingent cash awards valued at $31.0167 per share, retaining pre-existing vesting terms.
2. Vesting/Settlement of PRSUs (Code A): 195,494 shares underlying performance restricted stock units were earned based on performance through the effective time of the merger.
3. Disposition of PRSUs (Code D): The 195,494 earned PRSUs were cancelled and converted into contingent cash awards at $31.0167 per share.

Key Takeaways:

• Aggregate Value: 734,868 shares at ~$31.0167 per share equal a transaction value of approximately $22.79 million.
• Significance: Low from an insider sentiment standpoint. This disposition reflects standard corporate merger mechanics where equity awards convert into cash consideration under the merger agreement rather than open-market buying or selling.