Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311455
Chunk: 12

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 12
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 The next question goes to Richard Greenfield of LightShed Partners.

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 spglobal.com/marketintelligence                                                                     |     | 10 |

PARAMOUNT SKYDANCE CORPORATION M&A CALL DEC 08, 2025 Richard Scott Greenfield LightShed Partners, LLC It’s one or two parts. You’re raising about $40 billion of, I believe, of Paramount equity to finance this. It sounds like forgetting about the backstop, but just what you’re actually raising. It sounds like about $40 billion of Paramount equity. It seems like $20 billion — sorry, $12 billion from the Ellison, $24 billion from the Middle East and the rest from RedBird and [ Affinity ]. Assuming I have that right, what will the leverage on the combined Paramount, Warner Bros. entity be? And then just tied to this, in the filing, I see very clearly you’re saying there’s no CFIUS concerns since Abu Dhabi, Qatar and the Saudis are foregoing any governance on their equity checks. Just wondering if you could give us any color on why they’re investing so much with no governance, right? Like what’s the — is there any rationale you can provide? Andrew M. Gordon Chief Strategy Officer, COO & Director Rich, it’s Andy. Let me deal on the net debt. Look, we expect that at closing, how the agencies will look at our pro forma capital structure will lead them to an investment-grade rating based on our deleveraging over a 2-yearperiod post close. So we will be below, call it, at closing with accounting for synergies around 4x. And we’ll delever quickly to below 3x and almost 2x over the convening 2 years to 2.5 years. So that’s where we are on leverage. David Ellison Chairman & CEO Yes. And Rich, when you look at this from — again, I want to speak to this now as actually the largest equity holder Paramount Class Bs. And also as we will be the largest shareholder in the combined company. And when you look at this transaction, and basically the industrial logic of this, by putting Paramount’s content engine and Warner Bros. Discovery content engine together, you create a phenomenal IP portfolio that is competitive with Disney, which is truly best-in-class. You immediately get to scale in terms of our streaming business at, round numbers, 200 million