Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311457
Chunk: 9

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 9
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 ✓ The Ellison Family & RedBird reaffirmed their commitment to backstop 100% of the required equity Streamline Financing Structure to ✓ The Ellison Family Trust contains $250bn+ of Oracle stock, more than 6x the amount of required funding Increase Certainty for Paramount’s offer ✓ The equity is fully backstopped by the Ellison family and RedBird capital Provide Increased Regulatory Certainty ✓ Accordingly, the only regulatory condition that needs to be satisfied is antitrust, which we’re confident we can get through ✓ Paramount agreed to give WBD independence in managing its outstanding bridge loan (while allowing Paramount to refinance any new debt at par) Provide WBD increased flexibility between signing and closing ✓ Based on vague feedback from WBD, Paramount committed to providing WBD flexibility with respect to all interim covenants Paramount did not receive a response to its improved and superior offer 10

Key questions WBD shareholders should be asking Did WBD thoroughly review PSKY’s fully backstopped, $30 per share, all-cash offer given the lack of 1 outreach? If so, why did WBD agree to Netflix’s proposal with lower economic value and less certainty? 2 What value is WBD attributing to the remaining Global Networks equity that shareholders would 3 receive? What supports the view that Netflix can clear regulatory hurdles in a reasonable time frame, or at 4 all? Given DOJ skepticism and bipartisan antitrust concerns, is this realistic? Was the sale process fair and robust? Did it serve shareholders’ best interests? 5 What We Are Asking WBD Shareholders To Do Tender Your Shares in PSKY’s Tender Offer 11 11

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Overview of Paramount Proposal

Overview of Paramount’s proposal Paramount is offering WBD shareholders $30.00 per share in cash, with all-cash funding fully backstopped by the Ellison Family Trust and RedBird Capital Partners • $30.00 per share of Warner Bros. Discovery, Inc. (“WBD”) Series A common stock • Total equity value of $77.9 billion Valuation • Enterprise value of $108.4 billion (including the assumption of net debt and noncontrolling interest) • 100% of the assets owned by WBD Scope • Including both Streaming & Studios and Linear Networks businesses • 100% cash Consideration • $40.7 billion of new cash funding − 100% backstopped by the Ellison Family Trust, supported by $250bn+ of Oracle stock, in addition to billions of dollars of other assets, and RedBird Capital Partners Sources of