Company: WBD
Filing Date: 2025-12-09
Form Type: 425
Source: 0001193125-25-311838
Chunk: 7

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-09
Form: 425
Chunk 7
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 lever back in success, right? And you say we’re far from done. I actually think about it quite the other way. I look at it as like we’ve reached sort of like escape velocity on some of them, but there’s that middle part of the growth yet, that’s still to come. John Christopher Hodulik UBS Investment Bank, Research Division Makes sense. I realize it’s early in the process, but has there been any talk about management continuity within the Warner Bros assets just given all the talent there.

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NETFLIX, INC. COMPANY CONFERENCE PRESENTATION - PRELIMINARY COPY DEC 08, 2025 Gregory K. Peters Co-CEO,President & Director Yes. I mean — and it goes a little bit back to our core theory and why we like this deal so much because we really do see it as a complementary situation. If you think about the core business units that exist inside Warner’s that we would be acquiring, those — we don’t have those units right now. So we don’t have the redundancy issue. We’re not trying to consolidate, drop down 2 studios, to 1. That’s not the business we’re in. And so actually, we love these businesses. We like the leadership. We’ve got very strong people that are in charge of that. We — as Ted said, we anticipate executing and running those businesses as they are. Again, there are businesses that we looked at before, and we weren’t opposed to it. It just — we had other things to go do. We had a long list of things that we felt like were higher priorities for us. But now that we have mature well functioning units coming as part of this, we’re excited to have those be run by their leaders, operate well. And we think there’s a ton we’re going to learn from them about operating... Theodore A. Sarandos Co-CEO,President & Director I think back to what you kind of said earlier, but I think this idea that we’re not collapsing the studio, we are actually strengthening one of the most iconic studios in Hollywood by giving them a healthier business model to operate in and continue to release movies into the world, largely like they do right now. John Christopher Hodulik UBS Investment Bank, Research Division I mean just pivoting on that, the combined company will have about $30 billion in combined content spend per year, making you by far the biggest spender in terms of entertainment content. How should we