Company: WBD
Filing Date: 2025-12-09
Form Type: 425
Source: 0001193125-25-311838
Chunk: 8

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-09
Form: 425
Chunk 8
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 think about the content strategy for the company post deal, both in terms of how the money is spent and then how the content is distributed? Theodore A. Sarandos Co-CEO,President & Director Well, look, I think the beauty of this model has been that it scales. And I think when you look at it and say, what has been the strategy is to continue to generate more joy for our members that, that pays back in retention and word of mouth and all the positive benefits to a subscription business. But to do that, you have to have great content, a lot of things to watch. And that’s what we keep investing into, so that $30 billion, it’s a big number for sure, but it’s like we’ve been growing organically to that number prior to this transaction. We’re going to get there faster. And after the transaction, we’re going to continue to grow on that trajectory. As we improve distribution of those other titles, and there’s other assets in the Warner Bros. library, we’re able to then continue to reinvest because we’re pleasing members more and more and more, and they see more and more value in the business. Gregory K. Peters Co-CEO,President & Director And getting more leverage off of those assets as well. Theodore A. Sarandos Co-CEO,President & Director Correct. And then we do pick up some other distribution systems that we didn’t do before, but those are very healthy businesses. They’re just not as big as the direct-to-consumerstreaming business, but they’re very healthy. We want to keep them going... Gregory K. Peters Co-CEO,President & Director And they’re additive. Theodore A. Sarandos Co-CEO,President & Director Yes, 100%.

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NETFLIX, INC. COMPANY CONFERENCE PRESENTATION - PRELIMINARY COPY DEC 08, 2025 John Christopher Hodulik UBS Investment Bank, Research Division Maybe pivoting away from the deal, and we’ll come back to it a little bit. How would you describe that... Theodore A. Sarandos Co-CEO,President & Director I have a little bit to add to that. Everyone else that has been kicked around in this transaction, have all been reducing their content spend. They’ve all been laying people off and cutting things. We’re investing into it. Like I said, we’re growing organically closer to that $30 billion as it is, and we want