Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311455
Chunk: 0

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 0
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 14A PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. ) Filed by the Registrant ☐ Filed by a party other than the Registrant ☒ Check the appropriate box:

| ☐ | Preliminary Proxy Statement |

| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 
 14a-6(e)(2))                                                       |

| ☐ | Definitive Proxy Statement |

| ☐ | Definitive Additional Materials |

| ☒ | Soliciting Material under §240.14a-12 |

Warner Bros. Discovery, Inc. (Name of Registrant as Specified In Its Charter) Paramount Skydance Corporation (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply):

| ☒ | No fee required |

| ☐ | Fee paid previously with preliminary materials |

| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 
 14a-6(i)(1) and 0-11                                                           |

Filed by Paramount Skydance Corporation

Pursuant to Rule 14a-12 under the

Securities and Exchange Act of 1934, as amended

Subject Company: Warner Bros. Discovery, Inc.

Commission File No.: 001-34177

Date: December 8, 2025

The following is a
transcript of an analyst and media conference call and webcast by executives from Paramount Skydance Corporation on December 8, 2025.

Paramount Skydance Corporation NasdaqGS:PSKY M&A Call Monday, December 8, 2025 3:30 PM GMT

| COPYRIGHT © 2025 S&P Global Market Intelligence, a division of S&P Global 
 Inc. All rights reserved. spglobal.com/marketintelligence                 |     | 1 |

Contents Table of Contents

| Call Participants   |     | 3 |
| Presentation        |     | 4 |
| Question and Answer |     | 8 |

| COPYRIGHT © 2025 S&P Global Market Intelligence, a division of S&P Global 
 Inc. All rights reserved. spglobal.com/marketintelligence                 |     | 2 |

PARAMOUNT SKYDANCE CORPORATION M&A CALL DEC 08,