Insider trade

Director sold ~$962K of WBD shares in the open market

Traded Mar 16, 2026 · Filed Mar 17, 2026

Warner Bros. DiscoveryWBD

~$962K
Reported value · 35K sh @ $27.48: 96K
Holds after · shares reported: +12.5%
stock since the trade · S&P 500 +15.8%, $27.51 → $30.95 on Oct 5

Why it stands out

A board member of Warner Bros. Discovery sold $962K of Warner Bros. Discovery shares. Nobody planned it ahead of time.

Written from the filing's own figures. OQRO describes what was reported and never tells you what to buy or sell

View the official recordSEC Form 4 — Statement of Changes in Beneficial Ownership

All the details

Dates, kept separate

Transaction date: Mar 16, 2026
Reporting period: Not applicable
Filed with the SEC: Mar 17, 2026

Director$500K–$1M

Context

Classification

open market sale

Code S — open-market or private sale

Absolute commitment

~$961,800

Shares × reported transaction price

Timing vs results

18 days after results of Feb 26, 2026, 51 days before results of May 6, 2026

Results dates are the company's own 8-K (Item 2.02). Many companies only let insiders trade in a window after results

Price at the time

Closed at $27.51 on Mar 16, 2026, 258% above its 52-week low and 8% below its high, little changed over the previous 30 trading days

52-week range $7.69 (Apr 8, 2025) to $29.98 (Dec 12, 2025), 89% of the way up, from 251 adjusted closes. 30 trading days earlier: $27.54 on Jan 30, 2026. Describes the past only, not a forecast

Planned / mechanical clue

None found in footnotes

Only flagged when a footnote says so; never inferred

Securities lawsuit open at the trade date

A securities lawsuit naming the company as a defendant was filed on Nov 25, 2024 in the U.S. District Court, S.D. New York. A filing is an allegation, not a finding.

Collura v. Warner Bros. Discovery, Inc., docket 1:24-cv-09027, via CourtListener (court records). Nature of suit 850, company named as first defendant

After it was reported

After	Stock	S&P 500	Difference
7 days	−1.3%	−2.6%	+1.3%
30 days	−0.9%	+4.6%	−5.5%
90 days	−2.9%	+12.5%	−15.5%
180 days	+1.7%	+13.4%	−11.8%

Past results only. Not a forecast.

Source receipt

Record ID: 0001437107-26-000029
Filed / recorded: Mar 17, 2026, 1:13 AM UTC
Added to OQRO: Oct 2, 2026, 12:29 PM UTC
Parser: form4-xml-v1
Data quality: Verified: identifiers matched exactly
Issuer: Warner Bros. Discovery, Inc.
Issuer CIK: 1437107
Ticker: WBD
Reporting person: Fazal F Merchant
Relationship: Director
Security: Series A Common Stock
Table: Non-derivative (Table I)
Transaction date: Mar 16, 2026
Transaction code: S
Shares / units: 35,000
Price per share: $27.48
Acquired / disposed: Disposed (D)
Shares owned after: 95,539
Ownership form: Direct
Amendment: No

Footnotes from the filing

The price reported represents the weighted average price of shares of Series A common stock sold in multiple transactions at prices ranging from $27.48 to $27.49 per share. The reporting person will provide to the Issuer, any security holder of the Issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.