Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 195

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 195
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 as the amount that, in light of all of the facts and circumstances existing as
of the date hereof, represents the amount that can reasonably be expected to become an actual or matured liability.

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C-3

IN WITNESS WHEREOF, the undersigned has executed this Solvency Certificate on the date first written above.

| NETFLIX, INC. |
| By:           |
| Name:         |
| Title:        |

C-4

Exhibit 99.1

NETFLIX TO ACQUIRE WARNER BROS. FOLLOWING THE SEPARATION OF DISCOVERY GLOBAL FOR A TOTAL ENTERPRISE VALUE OF $82.7 BILLION

(Equity Value of $72.0 Billion)

Transaction Unites Warner Bros.’ Iconic Franchises and Storied Libraries with Netflix’s Leading Entertainment Service, Creating an Extraordinary Offering for Consumers

Netflix to Maintain Warner Bros.’ Current Operations

Combination Will Offer More Choice and Greater Value for Consumers, Create More Opportunities for the Creative Community and Generate Shareholder Value

Acquisition Will Strengthen the Entertainment Industry

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HOLLYWOOD, Calif., Dec. 5, 2025
— Today, Netflix, Inc. (the Company) and Warner Bros. Discovery, Inc. (WBD) announced they have entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO.

The cash and stock transaction is valued at $27.75 per WBD share (subject to a collar as detailed below), with a total enterprise value of approximately
$82.7 billion (equity value of $72.0 billion). The transaction is expected to close after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected
to be completed in Q3 2026.

This acquisition brings together two pioneering entertainment businesses, combining Netflix’s innovation, global reach
and best-in-class streaming service with Warner Bros.’ century-long legacy of world-class storytelling. Beloved franchises, shows and movies such as The Big Bang Theory, The Sopranos, Game of Thrones, The Wizard of Oz and the DC Universe will join Netflix’s extensive portfolio including Wednesday, Money Heist, Bridgerton, Adolescenceand Extraction, creating an
extraordinary entertainment offering for audiences worldwide.

“Our mission has always been to entertain the world,” said Ted Sarandos