Warner Bros. Discovery director sells stock as Paramount merger faces legal challenges

Warner Bros. Discovery director Fazal Merchant sold about 71,500 shares of company stock on August 13, 2026, receiving around $2 million. The sale cut his ownership stake by nearly 70 percent. He now holds roughly 33,000 shares worth about $918,000.

The sale happened while the company's planned merger with Paramount Skydance faces serious legal problems. Twelve U.S. states, led by California, have sued to block the deal on antitrust grounds. Antitrust laws are designed to prevent companies from becoming too powerful. The Department of Justice has not yet approved the merger. Senator Elizabeth Warren and Senator Cory Booker have also spoken out against it. Warner Bros. Discovery shareholders had already voted to approve the deal.