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Warner Bros. Discovery (WBD+2.42%) CEO David Zaslav sold over $30 million of the company’s stock this week, according to a U.S. Securities and Exchange Commission (SEC) filing.
Zaslav sold 2.56 million shares in the company on Dec. 16 at an average price of $11.73, amounting to just over $30 million. According to the filing, the shares were sold in “connection with year-end income tax and gift/estate planning activities.”
Following the sale, Zaslav still directly owns 3.45 million shares of the media conglomerate.
This is the first time Zaslav has sold stock in the company since leading the merger of WarnerMedia and Discovery Communications in 2022. Warner Bros. Discovery is currently the parent company of HBO, Max, CNN, TNT, and the Discovery Channel.
The company’s stock is down nearly 6% since the beginning of the year.
However, its share price has been rising recently. Last week, the media giant announced that it would be restructured into two divisions: one for its studios and streaming business and another for its cable networks.
“We continue to prioritize ensuring our Global Linear Networks business is well positioned to continue to drive free cash flow, while our Streaming & Studios business focuses on driving growth by telling the world’s most compelling stories,” Zaslav said in a statement last week.
Zaslav had reportedly considered spinning off its streaming and studio assets from its cable network business. Despite operating one of the few profitable streaming platforms, Warner Bros. Discovery has been dragged down by its struggling linear TV assets. Overall, the company’s stock has fallen 41% since the merger that created it in 2022.