Warner Bros. Discovery slumps after Condé Nast family offloads $1 billion in shares

Shares of Warner Bros. Discovery fell more than 5% Tuesday morning after the Newhouse family — longtime media titans and owners of Condé Nast — announced a $1.1 billion share sale.

According to a securities filing, the family is offloading 100 million shares at $10.97 apiece in a block trade through their Advance holding company.

The sale is intended to provide “financial flexibility to support the Reporting Persons’ ongoing estate planning, its investment program, and for other general corporate purposes.”

WBD shares are still up about 3% year to date and 53% over the past 12 months.

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(Ah, typing that makes me feel younger!)

As of 3 p.m. ET, more than 233,000 call options have changed hands, already 100,000 above their full-day average over the past 20 sessions. And that’s largely one-way traffic: the stock’s put/call ratio is sitting at 0.1, which would be its lowest for a single session since July 21.

Call options that expire this Friday with strike prices of $23.50 and $24 are among the contracts seeing the most activity.

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