Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311455
Chunk: 9

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 9
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 confidence of ultimately winning a bidding war with Netflix, if they feel the need to raise their bid in the future? David Ellison Chairman & CEO By the way, great question. And look, as we discussed on our — obviously, on our earnings call, basically, one of our core North Star priorities is obviously getting to scale in streaming. And we believe this acquisition accelerates that core goal. Paramount+ today is 70, 79 million global subscribers. WBD has 122 million. When you basically dedupe that, you get to round numbers, 200 million global subs at close, which puts us on par with Disney, but still significantly below Netflix at 310 million or Amazon at about that number. So again, we really view this as our deal is completely procompetitive, it’s pro creative talent, it’s pro consumer as opposed to the combination with Netflix would give them such a scale that it would be bad for Hollywood and bad for the consumer and is anticompetitive in every way that you can fundamentally look at it. And so — and then when you talk about the offer we still have not received a response to our $30 all-cashoffer, which is the most superior proposal that has been put on the table today. So until we hear back from that, that’s why we’re taking this directly to shareholders. Operator The next question goes to Steven Cahall of Wells Fargo. Steven Lee Cahall Wells Fargo Securities, LLC, Research Division First, just a question on how you think about the regulatory process. You talked about a Netflix proposal could lead to streaming domination. When I look at things like Nielsen’s Gauge in total TV time, I think Paramount is a little bigger than Netflix is or pretty comparable anyway. So how do you think about the regulators looking at this market as a streaming market versus a TV market, since that seems to kind of matter for how the different scales pan out.? And then just on a strategic basis, you talked about some of this consensus valuation around networks, which goes into a lot of this debate. How do you value that business? Some of your competitors in this process haven’t been interested in linear. You clearly are. So how do you think about the opportunity in that business? Maybe how it’s complementary to yours? Or why you think maybe it’s worth more than what consensus is putting on it? David Ellison Chairman & CEO Yes. So look, I appreciate the question. And look, we’ve heard this category ambiguity argument a lot. And look, I think we