Company: WBD
Filing Date: 2025-12-08
Form Type: 425
Source: 0001193125-25-310101
Chunk: 1

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: 425
Chunk 1
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, we announced an agreement to acquire Warner Brothers,               
 including its film and TV studios, HBO Max, and HBO, in a cash and stock transaction with a total enterprise value of approximately $82.7 billion. This acquisition brings together two pioneering entertainment companies.                           |
|                 |     | The transaction is expected to close between in the next 12 to 18 months and follow the previously announced separation of WBD’s global networks division, Discovery Global. The acquisition is also subject to regulatory                            
 approvals and approvals by the WBD shareholders and all the other customary closing conditions. Our plan is to continue to operate the iconic Warner Brothers motion picture and television studios, including HBO and the theatrical film releasing. 
 I’m grateful to David for agreeing to run the company until the transaction is complete. I know some of you are surprised that we’re making this acquisition, and I certainly understand why.                                                         |
|                 |     | Over the years, we have been known to be builders, not buyers. We already have incredible shows and movies and a great business model, and it’s working for talent, it’s working for consumers, and it’s working for                                  
 shareholders. But this is a rare opportunity, and it’s going to help us achieve our mission to entertain the world and to bring people together through great stories. We’ve built a great business, and to do that, we’ve had to be                  
 bold and continue to evolve. Remember, we started off as a DVD by mail company. Then we moved to streaming, to producing original content, live programming from a US centric business to a global                                                    
 business.                                                                                                                                                                                                                                             |

|              |     | In a world where people have so many choices, more choices than ever, how to spend their time, we can’t stand still. We need to keep innovating and investing in stories that matter most to audiences, and that’s what this                            
 deal is all about. The combination of Netflix and Warner Brothers creates a better Netflix for the long term. It sets us up for success for decades to come. Warner Brothers has some of the best entertainment in the world, period. From the top film 
 franchises like Harry Potter, brands like the DC Universe, shows like Friends and Game of Thrones, as well as both Warner Brothers TV and film production and HBO and HBO Max programming.                                                              |
|              |     | HBO Max also has a large and loyal audience with a streaming subscriber base of roughly 100 million across a hundred markets. Finally, Warner Brothers is a world-class