Company: WBD
Filing Date: 2025-12-08
Form Type: 425
Source: 0001193125-25-310116
Chunk: 0

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: 425
Chunk 0
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FORM OF 425 FILING (PRIOR TO FILING OF FORM S-4)

FILED BY NETFLIX, INC.

PURSUANT TO RULE 425 UNDER THE SECURITIES ACT OF 1933

AND DEEMED FILED PURSUANT TO RULE 14a-12 AND
RULE 14d-2(b)

UNDER THE SECURITIES EXCHANGE ACT OF 1934

SUBJECT COMPANY: WARNER BROS. DISCOVERY, INC.

COMMISSION FILE NO. 001-34177

Member Email:

[Subject Line: Welcoming Warner Bros. to Netflix]

Hi [Owner
Name],

Today, we announced that Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO. This unites our leading
entertainment service with Warner Bros.’ iconic stories, bringing some of the world’s most beloved franchises like Harry Potter, Friends, The Big Bang Theory, Casablanca, Game of Thrones and the DC
Universe together with Stranger Things, Wednesday, Squid Game, Bridgerton andKPop Demon Hunters.

What’s changing?

Nothing is changing today. Both streaming services will continue to operate separately. We have more steps to complete before the deal is
closed, including regulatory and shareholder approvals. You’ll hear from us when we have more to share. In the meantime, we hope you’ll continue to enjoy watching as much as you want, whenever you want - all on your current membership
plan.

We know you might have questions. Check out our Help Center for more information or contact us at any time. Me

Thank you for choosing Netflix. We’re committed to bringing you more great TV shows, movies, games and live programming.

The Netflix Team

* * *

NO OFFER OR SOLICITATION

This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of
an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This document contains “forward-looking statements” within the