Company: WBD
Filing Date: 2025-12-09
Form Type: 425
Source: 0001193125-25-311838
Chunk: 10

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-09
Form: 425
Chunk 10
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 we track the top 10 list pretty closely, and it looks like you’ve had some nice momentum in non-Englishtitles this year, even outside of Squid Games. Where do you see the most untapped potential for locally produced content that can resonate globally? And does the deal sort of allow you to lean into that? Theodore A. Sarandos Co-CEO,President & Director Well, for sure. I think a lot of these brands developing local language versioning for sure and spin-offs and exploring IP that hasn’t yet been explored from the library in different countries around the world is exciting. I think what’s really exciting about the local language success to your point about — you’re talking about, I’m sure the Squid Games success earlier this year, which spawned like a big growth of excitement around K dramas. I’d be remiss not to talk about KPop Demon Hunters, but it’s not that. It complemented each other for sure. But what’s been really exciting is the cultural impact because I think we talk a lot about the Netflix effect in the U.S., and we all see it here a lot. But there’s things like Culinary Class Wars in Korea. Prior to that show, the notion of a celebrity chef did not exist in Korea.

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NETFLIX, INC. COMPANY CONFERENCE PRESENTATION - PRELIMINARY COPY DEC 08, 2025 So that’s a big — caused whole new craze about the restaurant industry because of the success of this show. And Physical 100, again, because of that show’s success, that show was bigger in multiple countries than any of the big unscripted shows from any other network because the people just really fell in love with the storytelling. And it’s that kind of thing that we learned about sports adjacency storytelling that has really helped us grow into all kinds of unscripted programming and Physical 100 was a very — a brand-newarea for us and the fact that it worked in that format, and it’s actually spinning off and doing multiple local formats of Physical 100 as well. Gregory K. Peters Co-CEO,President & Director All around the world. Theodore A. Sarandos Co-CEO,President & Director Imagine the Physical 100 started in Korea, but there’s going to be an Italian one where they duke it out in the Colosseum. But again, it’s a cultural impact that you’re able to have that we don’t always see it in the U