Company: WBD
Filing Date: 2025-12-09
Form Type: 425
Source: 0001193125-25-311838
Chunk: 2

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-09
Form: 425
Chunk 2
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, 2025 And just to be clear, that’s — when we sort of built our valuation model and sort of set the price, those are the centers of value that we really put into that. And so we felt like, hey, we can go achieve on these things. There’s a third phase, which is when you get into — we’ve got amazing IP and all sorts of things that we can go deliver on this. We believe and we’re very confident that there’s things that we’re going to unlock that have value there. We actually don’t know exactly what those are. So we didn’t give ourselves credit for them in the valuation model. So we think we’ve been appropriately conservative about building value where we think we can actually go deliver it. We think we can deliver more. There’s upside in the deal at the end of the day. But we’re super excited on being able to deliver on those pieces. Theodore A. Sarandos Co-CEO,President & Director Yes. And I would just add to that, we’re — obviously, there’s the direct-to-consumerstreaming business, which we’re deeply committed to for both companies. It’s very — the consumers love it. I think it’s something that we’re quite good at. In this transaction, we pick up 3 businesses basically that we’re not currently in. So meaning we have no redundancies currently. But like — and one of them is a motion picture studio with a theatrical distribution machine. And so there’s been a lot of speculation on what we would do with this. I think it’s really important to note that we haven’t talked at all, about what we’re going to do this, but what we are going to do with this is we’re deeply committed to releasing those movies exactly the way they’ve released those movies today. All 3 of these new businesses, we want to keep operating largely as they are. The theatrical business, we have not talked a lot about in the past about wanting to do it because we’ve never been in that business. And when this deal closes, we are in that business, and we’re going to do it. So think about it if we did this deal 24 months ago, all of those movies we saw this year do so well at the box office for Warner Bros. would have been released in the same way in theaters. I’m talking about Minecraft. I’m talking about Superman. I’m talking about Weapons, all those movies — and Sinners. These movies