Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311456
Chunk: 7

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 7
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 the place, Apple is now in the business, Netflix is now in the business, Amazon is now in the business. What we are, what we are buying by our
basically acquisition of Warner Bros. Discovery is we are accelerating our path to scale. What Netflix is buying is unprecedented market power that will kill competition in the industry. What we are doing will create another scaled, healthy buyer
for the creative community and for talent. We’ll put 30 movies a year in theaters, exclusively.

FABER: 30 movies, I mean, because right now at
Paramount, you’re nowhere near—

ELLISON: But look at what we’re doing at Paramount. When we bought the company, eight movies a year.
We’re going to release 15 movies a year, next year, and we’re going to grow that. We’ve said it publicly, that we want to grow it to 20. We believe that the number one way in the movie business to create valuable intellectual
property is to release movies in theaters, not at home. We deeply believe in that experience. And when you think about the generational heirlooms that have been passed down from generation to generation that are that’s filmed entertainment,
those are movies that you saw in the theater.

FABER: You know, the news business comes up for a moment here. I mean, you’re going to own linear
cable assets, obviously, CNN amongst them, if you are successful here. Thank you for the mention of Versant, by the way, and in a favorable light, but the business is in steep decline. There’s no way around that. Why do you want to own these
assets given what are significant reductions? I think the plan that even came from Warner Bros. in the discussion with you talks about what 60% percent top line reduction over at least two years.

ELLISON: Absolutely so the reason why we believe basically in this combination is very simply, by putting the creative content engines of the companies
together, we believe we can win in content. We’d have an IP portfolio that’s competitive with Disney by putting Paramount and Warner Bros. together. It accelerates our north star goal of getting to scale and streaming, and we get to
basically round numbers, 200 million subscribers as a result of this, which, again, from a competitive standpoint, is over 100 million below Netflix and Amazon. And then when you look at the linear portfolio, there are significant
synergies