Company: WBD
Filing Date: 2025-12-11
Form Type: DFAN14A
Source: 0001193125-25-314733
Chunk: 0

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-11
Form: DFAN14A
Chunk 0
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 14A PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. ) Filed by the Registrant ☐ Filed by a party other than the Registrant ☒ Check the appropriate box:

| ☐ | Preliminary Proxy Statement |

| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 
 14a-6(e)(2))                                                       |

| ☐ | Definitive Proxy Statement |

| ☐ | Definitive Additional Materials |

| ☒ | Soliciting Material under §240.14a-12 |

Warner Bros. Discovery, Inc. (Name of Registrant as Specified In Its Charter) Paramount Skydance Corporation (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply):

| ☒ | No fee required |

| ☐ | Fee paid previously with preliminary materials |

| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 
 14a-6(i)(1) and 0-11                                                           |

Filed by Paramount Skydance Corporation

Pursuant to Rule 14a-12 under the

Securities and Exchange Act of 1934, as amended

Subject Company: Warner Bros. Discovery, Inc.

Commission File No.: 001-34177

Date: December 10, 2025

The following
Frequently Asked Questions were posted by Paramount Skydance Corporation to on December 10, 2025.

| 1. | Why do you believe you have a faster and cleaner path to regulatory approval? |

Paramount’s offer not only delivers greater value and certainty, but also a much shorter and more certain path to completion. To underscore our confidence, we have already filed for Hart-Scott-Rodino approval in the United States and announced the case to the European Commission and the UK CMA, opening the path to pre-notificationdiscussions. In contrast, we believe Netflix faces a long road through multiple protracted regulatory reviews across the globe, as its anticompetitive proposed transaction would entrench its dominance with an over 40% combined share of global Subscription Video on Demand subscribers, amongst other issues.

| 2. | Netflix has noted they only have 7-8% of total TV viewing time as