Warner Bros. Discovery CEO David Zaslav has sold $30.1 million in stock as part of “year-end income tax and gift/estate planning activities,” according to a filing with the U.S. Securities and Exchange Commission.
The executive sold 2.564 million shares at a weighted average price of $11.73 on Monday. Following the sale, Zaslav beneficially owns 3,453,591 shares as well as 153 shares indirectly owned by his spouse.
The stock sale comes as Warner Bros. Discovery shares are down about 65.7% since the company’s April 2022 merger, 5.6% in the past year and 3% year to date. However, WBD stock is up 61.5% in the past six months.
Looking ahead, WBD is set to restructure its business into two divisions – Global Linear Networks and Streaming & Studios – by mid-2025. The move is designed to bolster its “strategic flexibility and create potential opportunities to unlock additional shareholder value,” Zaslav said.
In addition to Zaslav, Comcast CEO Brian Roberts sold $20.4 million in stock last month for end of year planning purposes. The shares were awards of restricted stock units and options that were acquired as part of Roberts’ compensation in January and March of this year.
Meanwhile, Disney CEO Bob Iger sold $42.67 million in stock last month as part of a Rule 10b5-1 trading plan, which gave him the option to exercise vested stock options that were granted on Dec. 18, 2014 and were set to expire on Wednesday.
The plan is designed to allow a company insider to sell or buy a predetermined number of company shares at a set price and time in accordance with SEC Rule 10b5-1, which helps them avoid insider trading accusations.
