Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308764
Chunk: 14

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 14
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 former colleagues at Netflix, but it is essential that all interactions are managed through this office to ensure we meet every legal and regulatory obligation.

What this means for you

We also recognize that
many people are looking for more clarity about what to focus on, how to prioritize work, and what this means for their teams. Those details will become clearer over the next several weeks, as we move toward our 2026 goal-setting and operating plan
alignment processes.

As part of that, you will hear guidance from your Business Unit and functional leaders early in the new year, with expectations and
priorities anchored to what we know at that point in the regulatory process.

In the meantime, please continue to focus on the work needed to wrap up
2025, support year-end deliverables, and take the opportunity to rest and recharge over the holidays.

We will
continue to communicate regularly, and new information will be shared in One Insiderand on the One website. And we will see you later today at the Global Town Hall.

As we move through this next chapter, our aim is simple: handle decisions with care, communicate clearly
about what we know, and make sure people have the information and support they need at each step.

I know moments like this carry weight. And they can
also mark the beginning of new possibilities. The work you bring to this company - and the way you have shown up for one another - has built something that others clearly see value in. That matters. And while I cannot predict every step ahead, I am
confident in the strength of our brands, in the talent of our teams, and in the stories, journalism, and experiences we will continue to bring to audiences around the world.

David

Important Information about the Transaction and Where to Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation
of any vote or approval. This communication may be deemed to be solicitation material in respect of the proposed transaction between WBD and Netflix (the “proposed transaction”). In connection with the proposed transaction, Netflix
intends to file a registration statement on Form S-4, containing a proxy statement/prospectus, with the SEC and WBD intends to file a proxy statement with the SEC. WBD also intends to file a registration
statement for a newly formed subsidiary (“Discovery Global”), which is contemplated to own certain assets and businesses of WBD not being acquired by Netflix in connection with the proposed transaction. INVESTORS AND