Warner Bros. CEO Sells $113 Million of Stock After Paramount Bid

Chief Executive Officer David Zaslav unloaded more than $113 million of Warner Bros.Discovery Inc. shares this week, taking a chunk of money off the table as his company’s sale to Paramount Skydance Corp. marches toward completion.

The sale represents a minority of Zaslav’s Warner Bros. holding. He still owns more than $220 million in common shares based on Paramount’s acquisition price, and will be in a position to cash in hundreds of millions of dollars more in additional stock awards once the deal closes.

Warner Bros.’ shares closed at $28 each on Thursday — well below Paramount’s $31 per ...