Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 196

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 196
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, co-CEO of Netflix. “By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablancaand Citizen Kaneto modern favorites like Harry Potter and Friends—with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we’ll be able to do that even better. Together, we can give audiences more of what they love and
help define the next century of storytelling.”

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“This acquisition will improve our offering and accelerate our business for decades to come,” continued Greg Peters, co-CEOof Netflix. “Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans to our best-in-classstreaming service, strengthening the entire entertainment industry and creating more value for shareholders.” “Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most,” said David Zaslav, President and CEO of Warner Bros. Discovery. “For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.” Combination Will Offer More Choice, More Opportunities, More Value

| • |     | Complementary strengths and assets: Warner Bros.’ studios are world-class, with Warner Bros.                                                                                                                                                   
 recognized as a leading supplier of television titles and filmed entertainment. HBO and HBO Max also provide a compelling, complementary offering for consumers. Netflix expects to maintain Warner Bros.’ current operations and build on its 
 strengths, including theatrical releases for films.                                                                                                                                                                                            |

| • |     | More choice and greater value for consumers: By adding the deep film and TV libraries and HBO and HBO Max                                                                                                           
 programming, Netflix members will have even more high-quality titles from which to choose. This also allows Netflix to optimize its plans for consumers, enhancing viewing options and expanding access to content. |

| • |     | A stronger entertainment industry: This acquisition will enhance Netflix’s studio capabilities,                                                                                                                
 allowing the Company to significantly expand U.S. production capacity and continue to grow investment in original content over the long term which will create jobs and strengthen the entertainment industry. |

| • |     | More opportunities for the creative community: By