Company: WBD
Filing Date: 2025-12-08
Form Type: SC TO-T
Source: 0001193125-25-310708
Chunk: 1

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: SC TO-T
Chunk 1
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 (Cross-Border Third-Party Tender Offer) |

This Tender Offer Statement on Schedule TO (together with any exhibits and annexes attached
hereto, and as it may be amended or supplemented from time to time, this “Schedule TO”) is filed by (i) Prince Sub Inc., a Delaware corporation (the “Purchaser”) and a direct wholly owned subsidiary of Paramount
Skydance Corporation, a Delaware corporation (“Paramount”), and (ii) Paramount. This Schedule TO relates to the offer by the Purchaser to purchase all of the outstanding shares of Series A Common Stock, par value $0.01 per
share (the “Shares”), of Warner Bros. Discovery, Inc., a Delaware corporation (“Warner Bros.”), at $30.00 per share, net to the seller in cash, without interest and less any required withholding taxes, upon the
terms and subject to the conditions set forth in the Offer to Purchase, dated December 8, 2025 (as it may be amended or supplemented from time to time, the “Offer to Purchase”), and in the related Letter of Transmittal (as it may
be amended or supplemented from time to time, the “Letter of Transmittal,” and together with the Offer to Purchase, the “Offer”), copies of which are attached to and filed with this Schedule TO as Exhibits
(a)(1)(A) and (a)(1)(B), respectively. Pursuant to General Instruction F to Schedule TO, the information contained in the Offer to Purchase, including all schedules and annexes to the Offer to Purchase, is hereby expressly incorporated in this
Schedule TO by reference in response to Items 1 through 11 of this Schedule TO and is supplemented by the information specifically provided for in this Schedule TO.

Item 1. Summary Term Sheet.

The information
set forth in the section “Summary Term Sheet” of the Offer to Purchase is incorporated herein by reference.

Item 2. Subject Company Information.

(a) The subject company and issuer of the securities subject to the Offer is Warner Bros. Warner Bros.’s principal
executive office is located at 230 Park Avenue South New York, New York 10003, and its telephone number is 212-548-5555.

(b)This Schedule TO relates to all of the outstanding Shares. Based upon information contained in Warner Bros.’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, there were 2,477,974,509