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Lori C. Locke, Chief Accounting Officer at Warner Bros. Discovery (NASDAQ:WBD), sold 10,000 shares of Series A Common Stock for a total of $235,400, according to a Form 4 filing with the Securities and Exchange Commission.
The sales occurred in two separate transactions. On November 26, 2025, Locke sold 5,000 shares at a price of $23.25 per share. Following this, on November 28, 2025, she sold an additional 5,000 shares at $23.83 per share.
Following these transactions, Locke directly owns 140,084 shares of Warner Bros. Discovery.
The footnotes indicated that the sales were executed under a pre-arranged trading plan established on August 28, 2025, in accordance with Rule 10b5-1.
In other recent news, Warner Bros. Discovery reported its third-quarter 2025 earnings, exceeding expectations by posting a loss of $0.06 per share, compared to the anticipated loss of $0.09. However, the company’s revenue of $9.04 billion did not meet the forecasted $9.18 billion. Meanwhile, the company is actively seeking improved bids from potential buyers after receiving initial offers, with a deadline set for December 1. Paramount, Comcast, and Netflix are among those preparing bids, with a non-binding first-round offer deadline of November 20.
Warner Bros. Discovery has also amended the contract for CEO David Zaslav amid a strategic review of its business options, which could involve transactions for its Streaming & Studios and Global Networks segments. CFRA has raised its price target for the company to $24 from $21, maintaining a Hold rating. This adjustment reflects a revised equity risk premium and valuation metrics. The company aims to complete its auction process by the end of 2025.
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