Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311456
Chunk: 9

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 9
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 do you think the
President embraces the idea of you being the owner of CNN, given his criticism, obviously, for that network in the past?

ELLISON: By the way, we’ve
had great conversations with the President about this, but I think, what, but I don’t want to speak for him in any way, shape or form.

FABER: Mid
east investors have figured into some of the reporting here. Are they a part of that $41 billion in equity?

ELLISON: Look, we absolutely have
strategic partners in this deal, but I want to be really clear, the last deal that we submitted was fully backstop the equity by the Ellison family and RedBird. There has never been a financing condition in any deal that we submitted to the board of
Warner Bros. Discovery, and we are standing behind them.

FABER: So when I hear from the other side that they were uncertain as to who potentially to come
after in terms of the entities that were submitting the bid, if, in fact, you didn’t close, that was an argument that I’ve heard. What’s your response?

ELLISON: It just happens to be categorically false. Again, this is all now public. The last offer that we submitted to the board the equity $41 billion
was fully backstopped by the Ellison family and RedBird Capital Partners. We had debt commitments from Bank of America, Citi and Apollo for the full $54 billion so the notion of that claim is just categorically false. It’s fiction.

FABER: And does it go back to then your contention that somehow you didn’t get a fair shake?

ELLISON: Well, I think when you actually look at this on the merits, it’s what we, it’s what it’s what I started with, $30 a share in cash
is more than $23. This is a better deal for shareholders, and it also has a clear path to close. Very simply, our deal basically, is more value, it’s more certainty, and it’s more speed to close, and we think that’s what
shareholders are going to vote on.

FABER: We got an opening bell that you and I can hear as well. I want to continue briefly for a bit more if we can.
David, you know what happens from here? What are your expectations now that you’re obviously going to be speaking directly to shareholders as to what may happen?

ELLISON: Well, I