Company: WBD
Filing Date: 2025-12-08
Form Type: SC TO-T
Source: 0001193125-25-310708
Chunk: 0

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: SC TO-T
Chunk 0
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE TO Tender Offer Statement Pursuant to Section 14(d)(1) or 13(e)(1) of the Securities Exchange Act of 1934 Warner Bros. Discovery, Inc. (Name of Subject Company (Issuer)) Prince Sub Inc. (Offeror) a direct wholly owned subsidiary of Paramount Skydance Corporation (Parent of Offeror) (Names of Filing Persons (identifying status as offeror, issuer or other person)) Series A Common Stock, par value $0.01 per share (Title of Class of Securities) 934423104 (CUSIP Number of Class of Securities) Makan Delrahim Chief Legal Officer Paramount Skydance Corporation 1515 Broadway New York, New York 10036 (212) 258-6000 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Filing Persons) With a copy to: Copies to:

| Faiza J. Saeed                        
 Andrew J. Pitts C. Daniel             
 Haaren Daniel J. Cerqueira            
 Claudia J. Ricciardi                  
 Cravath, Swaine & Moore LLP           
 Two Manhattan West 375                
 Ninth Avenue New York, New York 10001 
 (212) 474-1000                        |     | Ian Nussbaum                
 Max Schleusener             
 Latham & Watkins LLP        
 1271 Avenue of the Americas 
 New York, New York 10020    
 (212) 906-1200              |

| ☐ | Check the box if the filing relates solely to preliminary communications made before the commencement of a 
 tender offer.                                                                                              |

Check the appropriate boxes below to designate any transactions to which the statement relates:

| ☒ | third-party tender offer subject to Rule 14d-1. |

| ☐ | issuer tender offer subject to Rule 13e-4. |

| ☐ | going-private transaction subject to Rule 13e-3. |

| ☐ | amendment to Schedule 13D under Rule 13d-2. |

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐ If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:

| ☐ | Rule 13e-4(i) (Cross-Border Issuer Tender Offer) |

| ☐ | Rule 14d-1(d)