<SEC-DOCUMENT>0001437107-22-000115.txt : 20220412
<SEC-HEADER>0001437107-22-000115.hdr.sgml : 20220412
<ACCEPTANCE-DATETIME>20220412200330
ACCESSION NUMBER:		0001437107-22-000115
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220408
FILED AS OF DATE:		20220412
DATE AS OF CHANGE:		20220412

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Zaslav David
		CENTRAL INDEX KEY:			0001318285

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34177
		FILM NUMBER:		22823405

	MAIL ADDRESS:	
		STREET 1:		C/O DISCOVERY, INC.
		STREET 2:		230 PARK AVENUE SOUTH
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Warner Bros. Discovery, Inc.
		CENTRAL INDEX KEY:			0001437107
		STANDARD INDUSTRIAL CLASSIFICATION:	CABLE & OTHER PAY TELEVISION SERVICES [4841]
		IRS NUMBER:				352333914
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		230 PARK AVENUE SOUTH
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003
		BUSINESS PHONE:		212-548-5555

	MAIL ADDRESS:	
		STREET 1:		230 PARK AVENUE SOUTH
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Discovery, Inc.
		DATE OF NAME CHANGE:	20180306

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Discovery Communications, Inc.
		DATE OF NAME CHANGE:	20080606
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wf-form4_164980819591095.xml
<DESCRIPTION>FORM 4
<TEXT>
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<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2022-04-08</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001437107</issuerCik>
        <issuerName>Warner Bros. Discovery, Inc.</issuerName>
        <issuerTradingSymbol>WBD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001318285</rptOwnerCik>
            <rptOwnerName>Zaslav David</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>230 PARK AVENUE SOUTH</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10003</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer &amp; Pres</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option (right to acquire)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>37.43</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2022-04-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>198132</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2023-05-16</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2029-01-03</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Series A Common Stock</value>
                    <footnoteId id="F3"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>198132.0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option (right to acquire)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>37.43</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2022-04-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>198132</value>
                    <footnoteId id="F4"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2023-05-16</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2029-01-03</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Series A Common Stock</value>
                    <footnoteId id="F5"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>198132.0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>198132</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">On April 8, 2022, Discovery, Inc. (&quot;Discovery&quot;) completed a transaction pursuant to which a wholly-owned subsidiary of Discovery combined with AT&amp;T's WarnerMedia business (the &quot;WarnerMedia Business&quot;) in a Reverse Morris Trust transaction and Discovery became the parent entity of the combined Discovery and WarnerMedia Business (the &quot;Combination&quot;). In connection with the Combination, Discovery, Inc. was renamed Warner Bros. Discovery, Inc. Represents stock options to acquire DISCA (as defined in footnote 3) that were disposed of in exchange for, on a one-for-one basis, stock options to acquire WBD Series A common stock (as defined in footnote 5) having substantially the same terms in connection with the Combination.</footnote>
        <footnote id="F2">This option vests in four equal annual installments beginning on May 16, 2023.</footnote>
        <footnote id="F3">Represents Series A common stock of Discovery, Inc., par value $0.01 per share (&quot;DISCA&quot;).</footnote>
        <footnote id="F4">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.</footnote>
        <footnote id="F5">Represents Series A common stock of Warner Bros. Discovery, Inc., par value $0.01 per share (&quot;WBD Series A common stock&quot;).</footnote>
    </footnotes>

    <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.</remarks>

    <ownerSignature>
        <signatureName>Tara L. Smith, by power of attorney</signatureName>
        <signatureDate>2022-04-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
