Company: WBD
Filing Date: 2025-12-09
Form Type: 425
Source: 0001193125-25-311838
Chunk: 15

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-09
Form: 425
Chunk 15
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 it help you tell the stories better?

| 9 |

NETFLIX, INC. COMPANY CONFERENCE PRESENTATION - PRELIMINARY COPY DEC 08, 2025 Theodore A. Sarandos Co-CEO,President & Director You also have to be careful not to trash it with it. That’s what I was getting at. I think it’s really important that you apply it in a way that it helps consumers. That helps fans — it feeds fandom versus running the risk of destroying it. Gregory K. Peters Co-CEO,President & Director I think that’s right. But if you do think that there’s this commodity layer of content sea, ocean, universe out there, then what sets you apart, what differentiates you from that? I think IP can do some of that work. John Christopher Hodulik UBS Investment Bank, Research Division Maybe quickly on video games. Are the video game efforts scaling as you expected? Are they contributing to engagement and maybe subscriber growth through churn or just lay that out for us... Gregory K. Peters Co-CEO,President & Director Yes. We’ve been doing a lot of work over the last couple of years. A lot of it has been, I’d say, in 2 categories, building, plumbing, if you will, building the infrastructure to create development environments for people to author games and bring those games to the service. And a lot of work has actually been also understanding the strategy and sort of seeing, as we always say, you never know what you’ve got until you get out there with consumers and you figure it out. So we’ve learned a lot from that. Now we’re at the point where we’re really unlocking sort of the value of the strategic refinements that we’ve made which have been super exciting. You see a couple of different categories that we’re really going after and we feel are consistent with what we — the value we can deliver to members, which is differential, which is take immersive narrative games that are based on IP that we have. So you can imagine fans of Squid Games, going super deeper into that universe. It was actually fun because we did a fun game around golf, but not like I’d say an incredible masterpiece of the game around golf and then with Happy Gilmore, you see all these people that are playing it. So you see that need there. Kids is another space. We think we can give a very safe space for kids, no in-apppayments, no ads and just give them