Company: WBD
Filing Date: 2025-12-11
Form Type: SC TO-T/A
Source: 0001193125-25-314744
Chunk: 1

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-11
Form: SC TO-T/A
Chunk 1
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 | Rule 14d-1(d) (Cross-Border Third-Party Tender Offer) |

This Amendment No. 3 to Schedule TO (together with any exhibits and annexes attached hereto, and as it may be amended or supplemented from time to time, this “ Amendment”) is filed by (i) Prince Sub Inc., a Delaware corporation (the “ Purchaser”) and a direct wholly owned subsidiary of Paramount Skydance Corporation, a Delaware corporation (“ Paramount”), and (ii) Paramount and amends and supplements the Tender Offer Statement on Schedule TO filed with the U.S. Securities and Exchange Commission (the “ SEC”) on December 8, 2025 (together with any amendments and supplements thereto, the “ Schedule TO”) by the Purchaser and Paramount. This Schedule TO relates to the offer by the Purchaser to purchase all of the outstanding shares of Series A Common Stock, par value $0.01 per share (the “ Shares”), of Warner Bros. Discovery, Inc., a Delaware corporation (“ Warner Bros.”), at $30.00 per share, net to the seller in cash, without interest and less any required withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated December 8, 2025 (as it may be amended or supplemented from time to time, the “ Offer to Purchase”), a copy of which is attached as Exhibit (a)(1)(A) to the Schedule TO filed with the SEC on December 8, 2025, and in the related Letter of Transmittal (as it may be amended or supplemented from time to time, the “ Letter of Transmittal,” and together with the Offer to Purchase, the “ Offer”), a copy of which is attached as Exhibit (a)(1)(B) to the Schedule TO filed with the SEC on December 8, 2025. Except as otherwise set forth in this Amendment, the information in Schedule TO remains unchanged and is incorporated herein by reference to the extent relevant to the items in this Amendment. Capitalized terms used but not defined herein have the meanings ascribed to them in the Schedule TO. Item 12. Exhibits Item 12 of the Schedule TO is hereby amended and supplemented by adding the following exhibit.

| (a)(5)(F) |     | Frequently Asked Questions list posted by Paramount Skydance Corporation to www.StrongerHollywood.com on December 10, 2025 |

SIGNATURE After due inquiry and to the best of my knowledge