Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311456
Chunk: 10

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 10
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 mean, I think when shareholders actually see the offer that we put on the table. I mean, look, we still haven’t gotten a response from
the Warner board for the $30 in cash that we offered, and that’s the highest offer that’s currently on the table. And we again, as we said, we believe that’s what shareholders are going to pay.

FABER: You know, again, coming back to this highest offer on the table. I mean, they would argue that
$27.75, which it’s currently worth right now, because the stock is staying in the collar, plus, what their argument would be is, let’s call it three bucks for global networks, equals a higher number than your number.

ELLISON: It’s, again, I think, if you actually look at that, and if you, if you look at the math and the amount of debt, I mean, basically on what we
could extrapolate from the information we looked at, that linear business is going to have $15 billion of debt on it. It’s an entirely a cable portfolio that is in secular decline, and every single day it’s worth less money than it
is right now. Our deal basically provides a significant amount of synergies and sports rights that will be able to obviously perfect protect those linear properties, having that sit out there on their own, again, I think it’s gonna be worth a
lot less than people are claiming.

FABER: David, what do you think if you’re correct, and again, this is yet to be determined, but if you’re
correct that you were somehow disadvantaged in this process after starting it in an unsolicited fashion and making bid after bid after bid, why, why do you think if you’re correct in that assumption that that was the case?

ELLISON: Again, let’s just, let’s just go back to the facts right? The day before the deal was announced, we submitted a bid to the Warner Bros.,
to Warner Bros., that was $30 a share, all cash that delivered the 100% cash that they asked for, that delivered higher value, that delivered basically regulatory, you know, obviously faster path to regulatory certainty, and we never heard back.
We’re here to finish the process.

FABER: Right, no, I know that. The reason I’m asking you never heard back. Do you think, why? Why, why in
your you have to have thought about this. Why