Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311456
Chunk: 3

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 3
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 our last offer. We literally submitted $30 a share in cash. Never got a phone call.
Never got a single markup of basically our merger agreement. Never got a response. And that’s why we’re here today. We’re here to finish, to make sure that we can take directly to shareholders the offer that we sent to the board.

FABER: So you never got a response from that last—

ELLISON: Not one time.

FABER: And did you indicate that that
was best and final at the time, or perhaps say that it wasn’t?

ELLISON: No. So, actually, the last communication that I had with David Zaslav is I
made it incredibly clear in text message, this is all going to be public for everybody to see, that we addressed all of the issues that they asked for, and very specifically that our offer was not best and final. And so, when we literally delivered
a $30 per share all cash offer, we never heard back.

FABER: You never, you never heard back from them at all. You know, a lot of this goes back, of
course, and you mentioned it already, to the perceived risks of antitrust rejection. Certainly on the Netflix side. It’s still an issue as well for every deal, including your own perhaps, state A.G.s and the like. It comes back to Donald Trump
oftentimes because of sort of his unique place in this administration. And he even indicated yesterday at the Kennedy Center he would be involved in this decision. Have you gotten any assurances from him in the sense of your own deal would pass
antitrust muster and/or that Netflix’s transaction would not?

ELLISON: So, David, I think you have to look at this basically on the merits, right? We are trying to
combine the number four streamer with the number five streamer. When you put Paramount and HBO Max together, you get round numbers, 200 million subscribers. That creates a streaming service that is competitive with Disney. When you put number
one and number three together, you are handing Netflix unprecedented market power, which is anti-competitive in every single measure, every single metric you can measure. And we think that is bad. Again, it’s bad for the consumer. It’s
bad for the creative community. This deal, if it is allowed to move forward, will actually be the death of the theatrical movie business in Hollywood. We’re sitting here today trying to save it