Campbell Bruce, Chief Revenue & Strategy Officer at Warner Bros. Discovery (WBD), has demonstrated a clear selling bias in recent transactions, with no open-market purchases recorded in the latest filings. Since September 2025, Bruce has executed 12 sales totaling approximately $70.2 million against $13.0 million in buy activity—primarily tied to awards or other non-open-market transactions. The most concentrated selling occurred on March 4, 2026, when Bruce disposed of over $23.1 million in WBD shares across multiple transactions, supplemented by smaller sales on March 6 ($1.2 million) and March 9 ($1.2 million). Earlier dispositions in September 2025 included two sales of $2.7 million and $2.4 million, reinforcing a multi-month trend of reducing exposure.
The transactions include a mix of outright sales (code "S") and dispositions to cover tax obligations (code "M"), with the latter accounting for notable amounts such as $4.7 million and $4.3 million on March 4, 2026. While Bruce has received awards (code "A") and acquired shares via other non-market means (code "F"), including a $13.1 million transaction on February 27, 2026, the overwhelming direction has been toward liquidation. The absence of recent buying activity and the scale of sales—particularly the March 2026 cluster—suggest a deliberate reduction in equity exposure to WBD over the past six months.
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