Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311456
Chunk: 5

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 5
---
ELLISON: Yeah. But look one, we’re the largest shareholder of the, of basically the Paramount Class B common stock.

FABER: We being?

ELLISON: We being the Ellison family, we will
also be the largest investor in this deal. We’re literally sitting here today because we are fighting for our shareholders, and we’re also fighting for the shareholders of Warner Bros. Discovery. And from that standpoint, this deal is
accretive to our shareholders. You know, when you look at what the combined business would be with the synergies that you put through it, round numbers, $70 billion in top line revenue, we get to $16 billion in EBITDA very quickly, and it
generates $10 billion in cash flow. What we’re creating by putting these two companies together is a real competitor to Netflix, a real competitor to Amazon, a real competitor to Disney, not something that is so anti-competitive. There
will be no more competition in Hollywood if this deal is allowed to come to pass.

FABER: Is it an existential issue for you though, if you don’t succeed here, David?

ELLISON: Look, as we’ve said in our on our earnings call, we believe in our standalone business. We have a great plan. But very simply, we made the
highest offer for the company, $30 in cash is more than $23.

FABER: Right, but when it comes to Paramount itself, if you aren’t successful here,
you have confidence that you still have the scale? I mean, we’ve had this conversation before.

ELLISON: Yeah, yeah.

FABER: I would assume that you’re going to try and figure something else out because there is a sense that you don’t have the scale to compete in
this world.

ELLISON: As we’ve said, we can absolutely this is a buy versus build. We absolutely have a path to be able to build. But again, we
actually sit here today having put forth the most value for shareholders for Warner Bros. Discovery, we believe that they need to be able to evaluate that offer, and that’s why we’re taking it directly to the shareholders.

FABER: I asked you about the President, but I’d love to come back to that. I mean, do you sense that he is in your corner here?

ELLISON: What I would say is I’m incredibly grateful for the relationship that I have with the President, and I also