WBD CLUSTER SEC Filing Analysis

Final — all horizons settled through T+60d

WBD ▼ -3.78% at T+60d

SHORT call ✓ call won +3.78% · α vs SPY +14.26% · entry $27.51 → $26.47

Currently $26.98 · +1.93% from $27.51 entry (call sign-flipped)

Entry anchored
Mar 13, 03:59 PM ET
via Databento tick

T+1d

+0.47%

call -0.47% · α -0.20%

$27.64

settled 3mo ago

T+5d

-0.40%

call +0.40% · α -1.64%

$27.40

settled 3mo ago

T+20d

-0.51%

call +0.51% · α +4.29%

$27.37

settled 2mo ago

T+60d

-3.78%

call +3.78% · α +14.26%

$26.47

settled 4d ago

Price Chart

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Executive Summary

Three corporate insiders at Warner Bros. Discovery — including CEO of Global Streaming Perrette Jean-Briac — sold shares in a coordinated 7-day window, generating over $35.4 million in proceeds from open-market transactions. The sales represent a notable cluster of insider selling, with the CEO accounting for more than half of the total value.

Key Financial Metrics

Direction

selling

Total Value

$35.4M

Insiders

3

Actionable Insight

Traders should monitor for potential downward pressure on WBD shares, especially if this selling follows weak operating trends or precedes an earnings release. The participation of the streaming CEO adds weight to the bearish signal.

Key Facts

Perrette Jean-Briac (CEO, Global Streaming) sold 659,120 shares for $18.07 million at $27.42/share
Director Paul A. Gould sold 600,000 shares for $16.41 million at $27.35/share
Director Fazal F. Merchant sold 35,000 shares for $961,800 at $27.48/share
Total open-market sales: $35,444,870.40 across 1,294,120 shares
All transactions occurred on March 16, 2026, indicating coordinated timing

Financial Impact

$35.4 million in insider sales, representing ~0.05% of WBD's $68.5B market cap

insider ownershipinvestor sentimentshareholder dilution risk

Risk Factors

Insiders may be reducing exposure due to valuation concerns or liquidity needs unrelated to fundamentals
No offsetting insider buying in the cluster to suggest confidence
Potential for negative market perception given concentration of sales on a single day

Market Snapshot

Exchange

Nasdaq

Documents Analyzed

This report is based on 1 SEC document filed with EDGAR.

Document	Accession Number
CONTEXT: Insider Cluster Data (3 trades, 7d window)	cluster-WBD-1773866685989

16 reports for WBD

T+1T+5T+20T+60

80% Hit rate 4 of 5 directional calls best @ T+60▲ +5.26%Feb 28, 2026

Filters

Reports for WBD — sortable, filterable
	Type				Now
Jun 4, 2026 8d ago	8-K NEUTRAL ★ 5/10	$27.00 $26.24	▼ −2.81%	▼ −0.22%	$26.98 (−0.07%)
May 27, 2026 16d ago	8-K NEUTRAL ★ 5/10	$27.14 $27.04	▼ −0.37%	▼ −0.92%	$26.98 (−0.59%)
May 19, 2026 24d ago	8-K NEUTRAL ★ 4/10	$27.42 $27.10	▼ −1.17%	▼ −1.36%	$26.98 (−1.60%)
May 11, 2026 4w ago	Court Ruling NEUTRAL ★ 2/10	$27.10 awaiting T+1	awaiting T+1	—	$26.98 (−0.42%)
Apr 30, 2026 6w ago	8-K NEUTRAL ★ 2/10	$27.05 $26.97	▼ −0.30%	▼ −0.52%	$26.98 (−0.26%)
Apr 16, 2026 8w ago	DEFA14A MIXED ★ 7/10	$27.47 $27.42	▼ −0.18%	▲ +0.01%	$26.98 (−1.78%)
Mar 30, 2026 10w ago	Court Ruling NEUTRAL ★ 3/10	$27.09 $27.46	▲ +1.37%	▼ −1.52%	$26.98 (−0.41%)
Mar 30, 2026 10w ago	Court Ruling NEUTRAL ★ 2/10	$27.09 $27.46	▲ +1.37%	▼ −1.52%	$26.98 (−0.41%)
Mar 16, 2026 12w ago	PREM14A BULLISH ★ 9/10	$27.64 $27.35	▼ −1.05%	▲ +0.35%	$26.98 (−2.39%)
Mar 16, 2026 12w ago	Insider Cluster BEARISH ★ 7/10	$27.51 $27.64	▼ −0.47%	▼ −0.20%	$26.98 (+1.93%)

US Market Status

Market Closed — Opens Mon (49h 36m)

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