Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311457
Chunk: 4

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 4
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 (if and when available) and other documents filed with the SEC by Paramount through the website maintained by the SEC at http://www.sec.gov. This communication is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, Paramount and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies against the Proposed Netflix Transaction. You can find information about Paramount’s executive officers and directors in Paramount’s Current Reports on Form 8-K filed with the SEC on August 7, 2025, and September 16, 2025, and Paramount’s Quarterly Report on Form 10-Q filed with the SEC on November 10, 2025. Additional information regarding the interests of such potential participants will be included in one or more proxy statements or other documents filed with the SEC if and when they become available. These documents (if and when available) may be obtained free of charge from the SEC’s website at http://www.sec.gov. 3

Paramount’s proposal is superior to Netflix’s and warrants the attention of WBD’s shareholders & board Paramount’s proposal to WBD shareholders is superior to Netflix’s. WBD’s rejection of Paramount’s proposal is not in the best interest of shareholders. • Paramount’s proposal provides greater value and certainty to WBD shareholders than Netflix’s 1 − Paramount proposal: $30.00 per share, 100% in cash; +$6.75 per share or approximately $18 billion greater cash consideration − Netflix proposal: $23.25 per share in cash, $4.50 in Netflix stock (subject to change based on price movement outside of collar), and stock with uncertain value in WBD’s Global Networks business 2 − Paramount’s proposal provides a clear and fast path to regulatory approval, while Netflix’s proposal is likely to face a significantly longer period of regulatory scrutiny and may never close • Paramount’s latest proposal, which addressed all feedback from WBD’s management and advisors on Paramount’s prior proposal, received no response from WBD 3 − Paramount’s proposal of $30 per share is backstopped by fully committed equity financing from the Ellison Family Trust and RedBird Capital Partners and debt financing from Bank of America, Citi, and Apollo − Paramount’s proposal submitted on Dec. 4 addressed all feedback from WBD’s management and advisors on Paramount’s prior proposal, yet did not receive a response; Netflix deal was announced the following morning WBD shareholders deserve