Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308764
Chunk: 7

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 7
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 Warner Bros.’ current operations and build on its 
 strengths, including theatrical releases for films.                                                                                                                                                                                            |

| • | More choice and greater value for consumers: By adding the deep film and TV libraries and HBO and HBO                                                                                                                   
 Max programming, Netflix members will have even more high-quality titles from which to choose. This also allows Netflix to optimize its plans for consumers, enhancing viewing options and expanding access to content. |

| • | A stronger entertainment industry: This acquisition will enhance Netflix’s studio capabilities,                                                                                                                
 allowing the Company to significantly expand U.S. production capacity and continue to grow investment in original content over the long term which will create jobs and strengthen the entertainment industry. |

| • | More opportunities for the creative community: By uniting Netflix’s member experience and global                                                                                                                                       
 reach with Warner Bros.’ renowned franchises and extensive library, the Company will create greater value for talent—offering more opportunities to work with beloved intellectual property, tell new stories and connect with a wider 
 audience than ever before.                                                                                                                                                                                                             |

| • | More value for shareholders: By offering members a wider selection of quality series and films, Netflix                                                                                                     
 expects to attract and retain more members, drive more engagement and generate incremental revenue and operating income. The Company also expects to realize at least $2-3 billion of cost savings per year 
 by the third year and expects the transaction to be accretive to GAAP earnings per share by year two.                                                                                                       |

2

Transaction Details and Timing Under the terms of the agreement, each WBD shareholder will receive $23.25 in cash and $4.50 1in shares of Netflix common stock for each share of WBD common stock outstanding at the closing of the transaction. The transaction values Warner Bros. Discovery at $27.75 per share, implying a total equity value of approximately $72.0 billion and an enterprise value of approximately $82.7 billion In June 2025, WBD announced plans to separateits Streaming & Studios and Global Networks divisions into two separate publicly traded companies. This separation is now expected to be completed in Q3 2026, prior to the closing of this transaction. The newly separated publicly traded company holding the Global Networks division, Discovery Global, will include premier entertainment, sports and news television brands around the world including CNN, TNT Sports in the U.S., and Discovery, free-to-airchannels across Europe, and digital products such as Discovery+ and Bleacher Report. The stock component is subject to a collar under which WBD shareholders will