Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311455
Chunk: 1

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 1
---
2025 Call Participants EXECUTIVES Andrew M. Gordon Chief Strategy Officer, COO & Director David Ellison Chairman & CEO Kevin Creighton EVP of Corporate Finance & Investor Relations ANALYSTS Benjamin Daniel Swinburne Morgan Stanley, Research Division Jessica Jean Reif Ehrlich Cohen BofA Securities, Research Division Richard Scott Greenfield LightShed Partners, LLC Robert S. Fishman MoffettNathanson LLC Steven Lee Cahall Wells Fargo Securities, LLC, Research Division Unknown Analyst

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 spglobal.com/marketintelligence                                                                     |     | 3 |

PARAMOUNT SKYDANCE CORPORATION M&A CALL DEC 08, 2025 Presentation Operator Good morning. My name is Nadia, and I’ll be the conference operator today. At this time, I would like to welcome everyone to Paramount management call to discuss the launch of their all-cashtender offer to acquire Warner Bros. Discovery. [Operator Instructions] I would now like to turn the call over to Kevin Creighton, Paramount’s EVP of Investor Relations. You may now begin your conference call. Kevin Creighton EVP of Corporate Finance & Investor Relations Good morning, and thank you for taking the time to join us today. I’m Kevin Creighton, EVP of Corporate Finance and Investor Relations. Joining me today is our Chairman and Chief Executive Officer; David Ellison; and our Chief Strategy and Operating Officer, Andy Gordon. As a reminder, we will be making forward-looking statements today. The forward-looking statements include statements concerning the proposed transaction between Paramount and Warner Bros. Discovery, including with respect to the expected timing, the completion and the effects thereof. All forward-looking statements involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause Paramount’s actual results, performance or achievements to be different from any future results, performance or achievements expressed or implied by these statements. Additional information is available in our SEC filings. Additionally, we will be posting materials to our IR website at the conclusion of this call. With that, I’ll turn it over to David. David Ellison Chairman & CEO Hello, everyone. Thank you all for joining us today, especially on such short notice. This morning, we advanced our proposal to acquire Warner Bros. Discovery by filing a tender offer, and we will submit our HSR filing here in the U.S., and we are also getting ready for the regulatory processes started internationally. Consistent with the formal