Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308764
Chunk: 13

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 13
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 we have created, and the resilience and attractiveness that now position us in a rapidly
evolving marketplace. Over the past several months, the Board evaluated a full set of strategic paths. Their conclusion is that this structure - Warner Bros. joining Netflix, and Discovery Global becoming a focused standalone company - provides the
strongest long-term foundation for both sets of businesses.

As outlined in the announcement, the proposed combination of Warner Bros. and Netflix
reflects complementary strengths, more choice and value for consumers, a stronger entertainment industry, increased opportunity for creative talent, and long-term value creation for shareholders.

I know this announcement creates many questions about what’s next. For some, it brings clarity about
direction. For others, it raises questions about what this means for their teams and their work. All of those reactions are understandable. A transaction of this nature naturally creates uncertainty, and not all answers will be available
immediately. Some will be clarified in the coming days and weeks; others depend on regulatory processes and on work that cannot begin until separation or closing.

People across WBD have navigated extraordinary change over the last three years, while building a company with real creative, journalistic, and commercial
strength. That deserves to be acknowledged plainly.

What we can say now, based on the direction set out today, is that this structure provides a clearer
path forward for Warner Bros. within Netflix, and for Discovery Global as a standalone company. For both, the goal is to position their creative work, talent, and brands to navigate a market that is constantly evolving and increasingly global.

What happens now

Later today, we will hold a
Global Town Hall to walk through what we know and what is still to be determined. Calendar invites will follow shortly after this email.

Business Unit
leaders will hold discussions specific to their areas in the coming days, so you can hear directly from your leader.

Managers will also come together
early next week so they have the context and support they need to guide their teams through the early stages of this transition.

What happens next

The path toward a separation of WBD into Warner Bros. and Discovery Global will shift. We will redirect work tied to the earlier, planned two-company operating model and focus instead on the steps required to enable this transaction.

In the coming days, we
will establish an Integration Office, which will coordinate all planning with Netflix, consistent with regulatory requirements. Until the transaction closes, WBD and Netflix remain separate companies. It may be tempting to reach out directly to
counterparts or