Company: WBD
Filing Date: 2025-12-08
Form Type: 425
Source: 0001193125-25-311068
Chunk: 1

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: 425
Chunk 1
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, Discovery en
Español, Hogar de HGTV and others. For more information, please visit www.wbd.com.

Important Information about the Paramount Skydance Tender Offer and Where to Find It

Warner Bros. Discovery intends to file a solicitation/recommendation statement on Schedule
14D-9 with respect to the tender offer with the Securities and Exchange Commission (the “SEC”) within 10 business days of the commencement of the tender offer. INVESTORS AND SECURITY HOLDERS ARE
ADVISED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE SOLICITATION

/RECOMMENDATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TENDER OFFER. Investors and security holders may
obtain free copies of the solicitation/recommendation statement (when available) as well as other filings by the Warner Bros. Discovery, without charge, at the SEC’s website, http://www.sec.gov. In addition, free copies of documents filed with
the SEC by Warner Bros. Discovery will be made available free of charge on Warner Bros. Discovery’s investor relations website at http://www.ir.wbd.com.

Important Information about the Transaction and Where to Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. This
communication may be deemed to be solicitation material in respect of the proposed transaction between WBD and Netflix, Inc. (“Netflix”) (the “proposed transaction”). In connection with the proposed transaction, Netflix
intends to file a registration statement on Form S-4, containing a proxy statement/prospectus, with the SEC and WBD intends to file a proxy statement with the SEC. WBD also intends to file a registration
statement for a newly formed subsidiary (“Discovery Global”), which is contemplated to own certain assets and businesses of WBD not being acquired by Netflix in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE
ADVISED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE REGISTRATION STATEMENTS, PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the registration statements and proxy statement/prospectus (when available