Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311455
Chunk: 11

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 11
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 actually create a much more interesting portfolio, both for our shareholders, but also for our large distributors, who still need our content to satisfy the needs of their customers. And we think that we can actually do a really good job on the synergy potential that we talked about and helping with that customer constituency and have confidence now that we’ve owned the business for a bit and understanding what we can do with those brands. And let’s be clear, Global Networks has some really great brands. Operator The next question goes to Jessica Reif Ehrlich Cohen of Bank of America Securities. Jessica Jean Reif Ehrlich Cohen BofA Securities, Research Division I guess one question on valuation. When you think about the — it’s success, like how — the money that’s raised to finance the — can you just talk about how that equity — like what value — how much equity will be raised — how much is equity? How much is that? And how you value and what value goes in? Like what — help us think through the dilution. And secondly, the — in an event that the Warner Bros. Discovery shareholders reject your proposal, what is Plan B for your future growth? Andrew M. Gordon Chief Strategy Officer, COO & Director Yes. Jessica, it’s Andy Gordon. Let me address sort of the sources of capital. I wanted to — so you understand it. So we’re committing over $41 billion of equity from RedBird and the Ellison’s family is backstopped, including our partners. We have $54 billion in committed debt. Of the debt, approximately $17 billion is reserved to take out and extend the bridge that Warner Bros. Discovery has to date. The equity account will be priced based on a fair market metric that our special committee has been setting for the last 3 weeks, and we’ll guide to make sure that all shareholders have the opportunity to invest alongside of us. With regard to Plan B, I’m going to turn it over to David to address that. David Ellison Chairman & CEO Yes. Again, as we said on our earnings call, we absolutely believe in our stand-alone plan and all of our North Star principles. But the reason why we’re here today is because we believe that we put a superior offer on the table for Warner Bros. Discovery. $30 a share, all cash, exact numbers, $17.6 billion more cash and is currently being offered in the Netflix deal; we never got a response to that offer, and so we’re taking it directly to shareholders. Operator