Company: WBD
Filing Date: 2025-12-09
Form Type: 425
Source: 0001193125-25-311838
Chunk: 4

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-09
Form: 425
Chunk 4
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 folks, it’s pro creator, we’re going to increase our content spend and deliver more. That’s great for them. That means it drives jobs, it’s pro workers in that regard. It’s pro growth, it’s pro innovation.

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NETFLIX, INC. COMPANY CONFERENCE PRESENTATION - PRELIMINARY COPY DEC 08, 2025 So we think we’ve got a good story for all the constituents that we have. And then if you step back and we brought the slide around just to sort of talk about how... John Christopher Hodulik UBS Investment Bank, Research Division We had a feeling this might come up. Gregory K. Peters Co-CEO,President & Director Yes, exactly right. We thought that this might be a topic and we just want to really bring the facts to this conversation because if you look at Nielsen, this is Nielsen number of view hours on TV. In the U.S., you can look at the — your left right there. We’re sixth in the current ranking right now. We’re behind YouTube. We’re behind Disney. We’re behind NBCUniversal, we’re behind Fox, we’re behind Paramount. And then if you say, okay, well, you’re going to go buy HBO and HBO Max, put that viewing on the list. This is what that would look like. We go from 8% of view hours today in the United States to 9%. So we’re still behind YouTube at 13%. And potentially worth noting that we would be behind what would be if Paramount combined with WBD, them at 14%. So we think that there’s a really strong fundamentals based case here for why regulators should approve this deal. Why don’t you pick it up from... John Christopher Hodulik UBS Investment Bank, Research Division I was going to say how should we think about the President’s recent comment? Theodore A. Sarandos Co-CEO,President & Director Yes, I think you should think the President cares deeply about American industry, and he loves the entertainment industry. I’ve talked to him many times since the election about the different challenges facing the entertainment industry. He definitely understands the dynamics of what we were just talking about. Television is a very broad landscape of — and view hours is probably the best way to capture it. What people are watching on TV, it might be cable, which we do not own any cable channels or it might be a network, which we do not own a broadcast network, and it