David Zaslav stock sale totals $21.7 million in latest Warner Bros. Discovery filing
David Zaslav sold 773,173 Warner Bros. Discovery shares under a prearranged plan as an antitrust lawsuit is set for trial in March 2027.
By Poppy Nakagawa · Culture Writer
3 min read
David Zaslav stock sale disclosures have added another $21.7 million to the Warner Bros. Discovery chief executive’s reported share sales this year. Zaslav sold 773,173 WBD shares with an aggregate market value of $21,655,292, Variety reported Aug. 13, citing a company filing with the Securities and Exchange Commission.
Fidelity Brokerage Services handled the transaction on Zaslav’s behalf, according to Variety. The sale comes while Paramount Skydance’s proposed acquisition of Warner Bros. Discovery faces an antitrust challenge brought by a coalition of 12 state attorneys general.
How was David Zaslav’s stock sale arranged?
The transaction was made under a Rule 10b5-1 trading arrangement that Warner Bros. Discovery disclosed in its first-quarter filing, Variety reported. Zaslav adopted the plan on March 12, 2026, and it was due to end Aug. 14, 2026.
A Rule 10b5-1 plan is a written arrangement that can set up an insider’s future stock trades in advance. Under Zaslav’s plan, Variety reported, the broker was instructed to sell a stated number of shares when specified price targets were reached.
The latest transaction followed reported sales of $114 million in March and $59.47 million in July. Variety said Zaslav has sold more than $195 million in Warner Bros. Discovery stock since the proposed deal with David Ellison’s Paramount Skydance was reached earlier this year.
The stock transactions and the proposed acquisition are separate developments. The reported plan was adopted in March, and the sale disclosure does not state Zaslav’s view of the deal or the litigation surrounding it.
When is the Paramount-Warner Bros. lawsuit scheduled for trial?
The antitrust lawsuit is scheduled for a 12-day trial beginning March 2, 2027, according to the Daily Journal. It reported that U.S. District Judge Araceli Martinez-Olguin set the date in consolidated challenges by the states and the Writers Guild of America.
California Attorney General Rob Bonta led the 12-state coalition that filed suit on July 13. The states allege the roughly $110 billion transaction would unlawfully reduce competition by combining two of Hollywood’s five major film distributors and two of the five major basic-cable-channel owners.
California’s announcement of the lawsuit says the states contend the combined company would hold about 27% of wide-release theatrical distribution and basic-cable licensing, as well as more than 30% of anticipated top-grossing theatrical-film distribution. Those are allegations made in the lawsuit, not court findings.
Paramount Skydance said after the trial date was set that it believes the transaction is lawful, pro-competitive and raises no antitrust concerns, the Daily Journal reported. The same report said a temporary restraining order had halted the acquisition.
Variety has also reported that Zaslav could receive at least $550 million in a golden-parachute payment if the transaction closes.
This story draws on original reporting from Variety.