Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311455
Chunk: 3

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 3
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 confident that once shareholders have the opportunity to choose for themselves, they’ll choose Paramount. Now we’ll take a few minutes to talk through some slides that highlight some key points. These will be made available on the IR website at the conclusion of this call. As we just discussed, the proposal we put forth has superior economic value. It’s $30 per share, all cash. To contextualize that is approximately $18 billion more in cash than the Netflix offer. Netflix offer is also uncertain. It leaves shareholders with stock in a highly levered Global Networks business. It exposes shareholders to volatile Netflix shares that could drive value below headline levels and has a highly uncertain regulatory outlook. Our offer at Paramount provides regulatory — provides certainty of value, fully backstopped financing package supported by the Ellison family and RedBird and more regulatory certainty. We addressed every concern WBD raised to us in terms of increasing value, strengthening our financing and enhanced regulatory commitments. Yet in spite of doing all of that, we received no response from WBD prior to the announcement of the Netflix deal, which is why we’re here today. Next slide, please. Paramount’s proposal is superior across every dimension. We’re proposing a full company acquisition, not a carve- out. The Netflix deal leaves shareholders with a highly levered declining global network stub, creating value uncertainty. For value, our offer is $30 a share, all cash. $6.75 more per share or 29% more cash than Netflix. Including Netflix’s stock component, their total value is $27.75, still $2.25 below our offer. Even after assigning value to the global network stub, total value to WD shareholders in the Netflix deal does not exceed $30 per share, and ours is in 100% cash. Uncertainty, Paramount provides a cleaner regulatory path, stronger closing protections and an expected approval timeline of 12 months, which is materially faster than Netflix’s. Paramount is also committed to broader and more comprehensive regulatory efforts to get this transaction done, a level of commitment that goes well beyond what Netflix’ offering. Andy, over to you. Andrew M. Gordon Chief Strategy Officer, COO & Director Yes. Thanks, David. It was interesting to us that neither Warner Bros. nor Netflix gave any indication as to the value of the spun-offstub. For Netflix’s proposal to exceed our $30 all-cashoffer, Global Networks would need to trade above 5x forward EBITDA, a level above where the nearest competitor, Versant is expected to trade.