Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311456
Chunk: 8

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 8
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. And when you look at what we can do with CBS, which is a crown jewel asset, and again, all linear is not equivalent, right? I mean, broadcast is an incredibly stable, healthy business. Cable is in secular decline, by the way, being
replaced by streaming. Back to your why I don’t buy the category ambiguity conversation.

FABER: Right.

ELLISON: But basically, when we can combine it with our portfolio, we believe we can bend the linear curve, have that linear business be incredibly cash flow
generative, which we can then take and invest into more content to grow the growth areas of our business, which is the movies we’re going to make, the streaming series we’re going to make, the sports we’re going to invest in. And
again, this creates a scaled competitor, not something that is so anti-competitive. It’ll be the end of the industry, as we know it.

FABER: Why not
just let the process run out and sit around and wait if you’re really so confident that Netflix can’t get antitrust?

ELLISON: So I think if
you look at basically how long it’ll take them to go through antitrust and the $5.8 billion break fee—

FABER: Reverse break fee.

ELLISON: Yeah, yeah, but basically, if you think about that, if this takes two years, and I think, and you’ve seen reports on this, that this has
basically been a defensive move by Netflix, and if they actually slow down our scale for the next two years, that’s a win for them. That, by nature, is anti-competitive.

FABER: Right, a couple of real quick things before we wrap up. I mean, CNN, I assume you would combine the news gathering operation with CBS’s, if, in
fact, you did own that asset.

ELLISON: Yeah. So look, we’ve been really clear since by the last time we’re here, what we want to do with
news, which is, we want to build a scaled news service that is basically, fundamentally in the trust business, that is in the truth business, and that speaks to the 70% of Americans that are in the middle. And we believe that by doing so that is for
us, kind of doing well while doing good. And we believe in that business model, and we believe it’s essential.

FABER: And do you,