Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311457
Chunk: 5

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 5
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 to be presented with Paramount’s proposal. WBD’s insufficient review of Paramount’s proposal is detrimental to shareholders, presenting them with a less valuable, less certain proposal from Netflix. Source: Netflix / Warner Bros. Discovery, Inc. Merger Announcement Presentation. 4

Paramount’s proposal is superior to Netflix’s proposal across all aspects Paramount’s Proposal Provides WBD Shareholders with More Value and More Certainty Key Consideration Paramount Netflix Only Streaming & Studios Business 100% of Warner Bros. Discovery Scope✓✗ (Excludes Global Networks Business) $30.00 per share $23.25 per share Cash Consideration ✓✗ (+$6.75 per share / +$18bn incremental / +29% more value) $30.00 per share $27.75 per share Total Consideration ✓✗ (+$2.25 per share / +8% more value) (includes $4.50 per share in Netflix Stock) $30.00 per share ~$28.75 per share Total Offer Value ✓✗ (+$1.25 per share / +4% more value) (includes ~$1.00 per share in Global Networks Stock) Less certainty of value given significant uncertainty of Linear Networks ‘stub’ All cash proposal for entire company equity value, leaving shareholders exposed to a highly-levered and structurally Value Certainty✗ ✓ provides clear value certainty declining asset Paramount has a clear path to regulatory approval and it provides for Much more challenging approvals and later “Outside Date” underscores Closing Certainty ✓✗ superior closing certainty and protections for WBD’s shareholders proposal’s regulatory uncertainty Paramount’s proposal expects to receive regulatory approvals Netflix proposal is likely to face a significantly longer regulatory approval Timing ✓✗ (likely within 12 months) process (or be blocked entirely), delaying value realization Committed to exhaustive regulatory efforts, up to a material adverse effect Netflix agreed to more limited regulatory efforts, with no obligations to do on the entire Combined Company, with regulatory process started in Regulatory Commitment ✗ ✓ anything to its existing business multiple regions Total consideration and value of NFLX stock component of consideration are subject to change. Should less debt than expected be placed on Global Networks, NFLX’s $27.75 will be reduced on a dollar-for-dollar basis. th Should NFLX stock trade below the collar range, WBD shareholders may receive less value than $4.50 per share. As of Dec. 5 , NFLX stock was only trading ~2% above the low-end of