Company: WBD
Filing Date: 2025-12-10
Form Type: DFAN14A
Source: 0001193125-25-314445
Chunk: 8

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-10
Form: DFAN14A
Chunk 8
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 (approximate value on 12/9/25 of $257 billion). |

| • |     | The Trust was formed in 1988 and, along with its many wholly owned subsidiaries, has engaged in many thousands of 
 transactions since that time, with no intention to change the way it does business.                               |

| • |     | The Trust has participated in multiple large-scale transactions and has been vetted by public companies and most 
 of the largest banks in the US.                                                                                  |

| • |     | By way of example, the Trust backstopped a multi-billion-dollar equity investment to fund Skydance’s                                                              
 acquisition of Paramount and funded a $1 billion investment in Twitter’s take-private (which was advised by Wachtell, Lipton, Rosen & Katz, WBD’s legal counsel). |

| • |     | The Trust has direct banking relationships with each of the four largest US banks and six of the top ten US banks 
 (as measured by total assets).                                                                                    |

| • |     | Any concern that the Trust would take any steps to avoid its obligations (i.e., commit fraud) is meritless and, 
 if such a concern is ever directly raised with the Trust, we will happily address it in the paperwork.          |

| 2) | Did the Trust submit an equity backstop in support of Paramount’s bid for WBD? |

| • |     | Yes, the Trust submitted an equity backstop for $40.4 billion dollars. |

| • |     | The paperwork submitted in the bid for WBD represents a completely customary and enforceable equity financing                                                               
 commitment and is identical in all material respects to the equity financing terms in the Paramount/Skydance transaction and other large leveraged buyouts (e.g., Twitter). |

| • |     | However, to the extent that WBD raises legitimate concerns about the terms of the equity financing, the Trust 
 will happily address such concerns in the transaction documentation.                                          |

| 3) | Should Global Networks trade in line with Versant (Comcast’s pending spinoff)? |

| • |     | Versant is not yet a public company. Regular way trading will begin on January 5, 2026. At the moment, 
 equity research analysts estimate that it will trade at ~4-5x NTM EBITDA.                              |

| • |     | We believe Global Networks is worth ~$1 / share, which is based on a 4.5x EV / next twelve months