Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311455
Chunk: 7

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 7
---
 certain additional forward-looking views of the proposed combination of Paramount and Warner Bros. and how we’d expect to manage the combined business as well as some financial highlights. So I just wanted to flag that. With that, Nadia, we’ll go ahead and open it to questions, please.

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 spglobal.com/marketintelligence                                                                     |     | 7 |

PARAMOUNT SKYDANCE CORPORATION M&A CALL DEC 08, 2025 Question and Answer Operator [Operator Instructions] The first question goes to Ben Swinburne of Morgan Stanley. Benjamin Daniel Swinburne Morgan Stanley, Research Division David, Andy, Kevin, I guess a question on process and then one on the synergy opportunity. You’ve launched a tender at $30, I believe, today, I haven’t gone through the full docs that expires early January. Is the expectation that you’ll be building a position in WBD or how do you think about the sort of the next several months of process as you guys move forward? And then $6 billion plus cost savings, David, could you talk a little bit about, or Andy, where that opportunity comes from? As you know, both Paramount and WBD had rounds of layoffs and cost cuts going back probably 3 years now for each of them, including a lot that you’ve laid out on Paramount’s Skydance. So where do you see such a sizable synergy opportunity across the combined entity would be helpful for us. Andrew M. Gordon Chief Strategy Officer, COO & Director Ben, it’s Andy. Let me take the structure on the tender offer. And as you know, we are going direct to shareholders with our tender offer announcement today. That tender offer will be open for 20 business days. Warner Bros. Discovery will need to respond to our tender offer within 10 business days. And after the 20 business days, we have the option to continue to extend that offer to keep it outstanding for as long as it makes sense for the Warner Bros. Discovery shareholders. Beyond that, there’s nothing more to say around that particular issue. With regard to cost savings, why don’t I take the first part, and then I’ll turn it over to David? But this deal is about synergies between two of the largest entertainment companies in the country. And so unlike what we’ve done, which was improved efficiencies at Paramount, this is about duplicative operations across all aspects of