Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311455
Chunk: 6

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 6
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 the proposal we submitted on December 1. Within 24 hours, we quickly submitted a revised offer addressing all of their feedback. In value, we increased our cash offer by 13% to $30 per share. On financing structure, we met their ask of having the Ellison family and RedBird reaffirm our commitment to backstop 100% of the equity. And for clarity, the Ellison Family Trust holds well over $250 billion in Oracle stock, which is more than 6x the needed equity for this deal. We also offer greater regulatory certainty as the equity is fully backstopped by the Ellison family and RedBird. And the only regulatory condition that we need to satisfy is antitrust, which we are confident we can get through. We also offer them flexibility between signing and closing. We agreed to give WBD full independence in managing their outstanding bridge loan facility, so long as PSKY is able to refinance any new debt at par. We also committed to providing broad interim covenant flexibility based on the guidance given to us from WBD. Despite addressing every concern, we did not receive a response to our improved and superior offer, and a deal with Netflix was announced the next day. And we’re here because we want to bring what we believe is a far superior offer directly to shareholders. We think the key questions WBD shareholders should be asking are: one, did WBD thoroughly review our fully backstopped $30 per share all-cashoffer? If so, why did they choose Netflix’s offer with lower economic value and less certainty? The Netflix proposal leaves shareholders with stock in WBD’s Global Networks business, which is saddled with debt. How is WBD attributing value to this equity? What supports the view that Netflix can clear regulatory hurdles in a reasonable time frame? And was the sale process fair and robust and did it serve shareholders’ best interest? And with that, I’ll open it up to questions.

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 spglobal.com/marketintelligence                                                                     |     | 6 |

PARAMOUNT SKYDANCE CORPORATION M&A CALL DEC 08, 2025 Andrew M. Gordon Chief Strategy Officer, COO & Director All right. Before we jump into that, just — sorry, one second, Nadia. While we focus on the details driving us to launch the tender offer, on this call, we’ll be posting the slides to our website immediately after. And they will contain additional