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

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-09
Form: 425
Chunk 12
---
 personalization and measurement we are giving them amazing brands that they could advertise alongside. And so that’s really what’s fueling it right now. When it gets to the Warner deal, I would say, really, it’s around those titles driving more engagement, our ability to find more viewing for those titles. Obviously, it’s connected to the advertising revenue that we can drive. And then just like our existing titles, a lot of those titles are — they’re incredible properties that advertisers want to be connected to and be alongside. And so I think that drives our core thesis around advertising as well. John Christopher Hodulik UBS Investment Bank, Research Division And has the ad server lived up to expectations? Is it driving demand? Gregory K. Peters Co-CEO,President & Director Yes, our own ad stack, yes, it’s incredible to be on our own ad stack because essentially, we can now go incredibly quickly and run with high velocity. And we’re delivering along essentially the dimensions that we’ve talked about before, which is more demand sources. So we’ve added Amazon as a DSP, we’ve added AJA in Japan. It’s better targeting personalization, better measurement. We’ve got a long — good work we’ve been doing there. It’s also new ad format, so we’re actually deploying interactive ad formats, and we’ll continue that line of investment. But it just allows us to go even more quickly. We’ve got a long list of the same kind of ads in ‘26 more demand sources, measurement targeting more formats. And then ‘27, we start to move into a really fun space of sort of nondeterministic targeting model-based approaches that you’ve seen some of the bigger advertisers out there, leverage to great effect. And so we’re super excited about that at the end of the day, too. And we just think this is — again, we see the velocity that we’re getting and we see we’re going to be able to deliver more and more for our advertisers while making a great experience for our members. John Christopher Hodulik UBS Investment Bank, Research Division The tech stack in general is a big strength for you, for Netflix. How are you incorporating Gen AI into the recommendation and making the product better. Gregory K. Peters Co-CEO,President & Director Yes. Maybe to start with this that we’ve been in the AI and ML business for 2 decades. So we’re well versed in how this works. We think that we’re in a differentially well-su