Episode 96: Zaslav Sells $59.5M in WBD Stock Mid-Merger

Warner Bros. Discovery CEO David Zaslav sold approximately $59.5 million in WBD stock — nearly 2.2 million shares — revealed in an SEC filing on Monday, the same day 12 state attorneys general filed an antitrust lawsuit to block Paramount's $110 billion acquisition of WBD. It's his second major sale this year, following a March transaction that netted more than $114 million. The full C-suite is selling alongside him. For anyone with a deal, backend, or first-look tied to the WBD-Paramount merger ecosystem, this is a coordination signal worth reading carefully. Key Takeaways: Zaslav sold ~2.2 million WBD shares for ~$59.5 million, disclosed in a Monday SEC filing. In March, Zaslav sold ~4 million shares netting more than $114 million — combined pre-close proceeds now exceed $173 million. WBD shares are down 6% in 2026 to date, closing at $27.09 on Monday, but have more than doubled since acquisition interest surfaced last fall. Zaslav's total compensation tied to the Paramount merger alone could approach $800 million at close, primarily in stock awards. Also selling: CFO Gunnar Wiedenfels, CRO Bruce Campbell, CAO Lori Locke, International President Gerhard Zeiler, Global Streaming CEO JB Perrette, CLO Priya Aiyar, and HR chief Amy Girdwood. 12 state AGs filed an antitrust lawsuit on the same day as the SEC filing, targeting Paramount's $110 billion WBD acquisition. The DOJ's posture — whether it moves in parallel with state AGs or remains quiet — is now the key regulatory variable to watch. Management selling ahead of close is rational portfolio behavior given the antitrust overhang — but the breadth of C-suite participation makes this a coordination event, not a personal finance decision. If you have deal terms, participation rights, or content commitments contingent on a clean merger close, the window for renegotiation or contingency planning is now, not after a regulatory ruling. Watch the DOJ and whether any federal action follows the 12-state filing. Subscribe to The Option for daily updates on the business behind the business.