Company: WBD
Filing Date: 2025-12-09
Form Type: 425
Source: 0001193125-25-311838
Chunk: 3

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-09
Form: 425
Chunk 3
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 will be released on Netflix through theaters the way that Warner Brothers did it before. But with the Warner Bros. operating entity, we think it’s really important in the way that they create and the way that they drive value. We didn’t buy this company to destroy that value. The second one is the television studio who produce and license content to third parties. Also, we were never in that business, we are now. And I think it’s an important thing that the — when we get under the hood, that’s a really healthy business. It’s not as big as ours, and that’s why we haven’t really focused that much on doing it. The growth opportunity in our core business has been greater. But now in this transaction, we own that business. And Channing and that group did a phenomenal job, and we want them to continue to do that phenomenal job. And then HBO is another example of that, which is, as Greg said, this is a prestige television brand that people really love. And I would say that they have been doing gymnastics to make themselves into a general entertainment brand. And I think under this transaction, they don’t have to do that anymore. We already a very well-established general entertainment brand, and we want HBO to double down on the things that people have loved for 50 years about HBO. The fact that prestige television and movies in the various pay TV windows. These are the things that we’re going to keep going in this business. And I think when we looked at the whole deal, you’d see that their assets work better in our business model and our business model works better with these assets. John Christopher Hodulik UBS Investment Bank, Research Division Got it. That’s clear. Regulatory approval is obviously a big question we’re getting. How the market is defined is a big part of that process. How do you define the market? And what gives you the confidence the deal gets approved? Gregory K. Peters Co-CEO,President & Director I think we’d want to start by saying it’s not our position to tell the regulators how to think about this. The regulators have to do their work and define the market in a way that they think is right. Clearly, they’ll do their analysis, and we’ll support them with whatever they need in that regard. But if we go back to the fundamentals of this deal. We are very confident that regulators should and will approve it. At the end of the day, it’s pro consumer, delivers more value to those