FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Wiedenfels Gunnar
2. Issuer Name and Ticker or Trading Symbol

Warner Bros. Discovery, Inc. [ WBD ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
Chief Financial Officer
(Last)          (First)          (Middle)

230 PARK AVENUE SOUTH
3. Date of Earliest Transaction (MM/DD/YYYY)

4/8/2022
(Street)

NEW YORK, NY 10003
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Series A Common Stock (1)4/8/2022  D  381488 (2)D$0 0 D  
Series C Common Stock (3)4/8/2022  D  75000 (2)D$0 0 D  
Series A Common Stock (4)4/8/2022  A  456488 (5)A$0 456488 D  
Series A Common Stock (4)4/8/2022  A  39 (6)A$0 456527 D  

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Employee Stock Option $26.21 4/8/2022  D     40001 (7) 5/22/2018 (8)5/22/2024 Series A Common Stock (9)40001.0 $0 0 D  
Employee Stock Option $26.21 4/8/2022  A   40001 (10)   4/8/2022 (8)5/22/2024 Series A Common Stock (4)40001.0 $0 40001 D  
Employee Stock Option $24.06 4/8/2022  D     50741 (7) 3/1/2019 (8)3/1/2025 Series A Common Stock (9)50741.0 $0 0 D  
Employee Stock Option $24.06 4/8/2022  A   50741 (10)   4/8/2022 (8)3/1/2025 Series A Common Stock (4)50741.0 $0 50741 D  
Employee Stock Option $29.08 4/8/2022  D     92592 (7) 3/1/2020 (11)3/1/2026 Series A Common Stock (9)92592.0 $0 0 D  
Employee Stock Option $29.08 4/8/2022  A   92592 (10)   4/8/2022 (11)3/1/2026 Series A Common Stock (4)92592.0 $0 92592 D  
Employee Stock Option $25.7 4/8/2022  D     150402 (7) 2/28/2021 (12)2/28/2027 Series A Common Stock (9)150402.0 $0 0 D  
Employee Stock Option $25.7 4/8/2022  A   150402 (10)   4/8/2022 (12)2/28/2027 Series A Common Stock (4)150402.0 $0 150402 D  
Employee Stock Option $58.18 4/8/2022  D     130546 (7) 3/1/2022 (13)3/1/2028 Series A Common Stock (9)130546.0 $0 0 D  
Employee Stock Option $58.18 4/8/2022  A   130546 (10)   4/8/2022 (13)3/1/2028 Series A Common Stock (4)130546.0 $0 130546 D  

Explanation of Responses:
(1) Represents Series A common stock of Discovery, Inc., par value $0.01 per share ("DISCA").
(2) Represents shares of DISCA and DISCK (as defined below) disposed of in the reclassification and automatic conversion on April 8, 2022 by Discovery, Inc. ("Discovery") of all of its shares of capital stock into shares of Series A common stock of Warner Bros. Discovery, Inc., par value $0.01 per share ("WBD Series A common stock"). On April 8, 2022, Discovery completed a transaction pursuant to which a wholly-owned subsidiary of Discovery combined with AT&T's WarnerMedia business (the "WarnerMedia Business") in a Reverse Morris Trust transaction and Discovery became the parent entity of the combined Discovery and WarnerMedia Business (the "Combination"). In connection with the Combination, Discovery, Inc. was renamed Warner Bros. Discovery, Inc.
(3) Represents Series C common stock of Discovery, Inc., par value $0.01 per share ("DISCK").
(4) Represents WBD Series A common stock.
(5) Represents shares of WBD Series A common stock acquired in the reclassification and automatic conversion of DISCA and DISCK into WBD Series A common stock on a one-for-one basis in connection with the Combination.
(6) In connection with the Combination, (1) AT&T, Inc. ("AT&T") transferred the business, operations and activities that constitute the WarnerMedia segment of AT&T, subject to certain exceptions, to Magallanes, Inc., a wholly owned subsidiary of AT&T ("Spinco"), (2) AT&T distributed to its stockholders by way of a pro rata dividend the issued and outstanding shares of common stock of Spinco (the "Spinco Stock") such that each AT&T stockholder was entitled to receive one share of Spinco Stock for each share of AT&T common stock held as of the record date for the distribution, (3) a wholly-owned subsidiary of Warner Bros. Discovery, Inc. ("WBD") merged with Spinco, with Spinco surviving as a wholly-owned subsidiary of WBD, and (4) each share of Spinco Stock was automatically converted into the right to receive 0.241917 shares of WBD Series A common stock. Reflects the acquisition of WBD Series A common stock upon the automatic conversion of Spinco Stock in the Combination.
(7) Represents stock options to acquire DISCA that were disposed of in exchange for, on a one-for-one basis, stock options to acquire WBD Series A common stock having substantially the same terms in connection with the Combination.
(8) This option is fully vested and exercisable.
(9) Represents DISCA.
(10) Represents stock options to acquire WBD Series A common stock that were acquired in exchange for, on a one-for-one basis, stock options to acquire DISCA having substantially the same terms in connection with the Combination.
(11) As initially granted, this option vests in four equal annual installments beginning March 1, 2020.
(12) As initially granted, this option vests in four equal annual installments beginning February 28, 2021.
(13) This option vests in four equal annual installments beginning on March 1, 2022.

Remarks:
Prior to the Combination, the trading symbols for the Issuer's Series A, Series B and Series C common stock were, respectively, DISCA, DISCB and DISCK. After the Combination, the trading symbol for the Issuer's Series A common stock is WBD.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Wiedenfels Gunnar
230 PARK AVENUE SOUTH
NEW YORK, NY 10003


Chief Financial Officer

Signatures
Tara L. Smith, by power of attorney4/12/2022
**Signature of Reporting PersonDate


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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