CEO and CFO Execute Major Sell-Off as Hollywood Giant Prepares for Netflix Deal

Warner Bros. Discovery, Inc. (WBD) has amended its bridge-loan agreement in connection with its planned merger with Netflix via its subsidiary Discovery Global Holdings. Under the revised terms, the facility’s maturity has been reset to the earlier of June 30, 2027 or the closing date of the planned spin-off of its linear TV business. The amendment also adjusts certain fee arrangements with participating lenders.

In early March, CEO David Zaslav monetized approximately 4 million Series A common shares at about $28.26 per share, generating roughly $113 million (around KRW 150 billion) in cash, while retaining several million shares. Around the same time, CFO Gunnar Wiedenfels sold a sizable block of shares following the vesting of performance-based awards and the exercise of stock options, covering associated tax liabilities and raising additional funds. He continues to hold hundreds of thousands of shares both directly and indirectly.

Separately, on February 26, Warner Bros. Discovery’s board of directors determined that Paramount Skydance’s unsolicited $31-per-share all-cash proposal constitutes a “superior proposal” under the existing merger agreement with Netflix. The board has therefore notified Netflix of its right to match or improve the offer within four business days. Despite this development, the board still recommends that shareholders vote in favor of the Netflix transaction.

Warner Bros. Discovery is a leading global media and entertainment company whose assets include HBO, Warner Bros. Studios and CNN. In the face of intensifying streaming competition and a structural decline in linear TV viewership, the company is pursuing a major M&A and restructuring agenda, including the separation of its studio and streaming operations from its global networks business.