Company: WBD
Filing Date: 2025-12-10
Form Type: DFAN14A
Source: 0001193125-25-314445
Chunk: 1

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-10
Form: DFAN14A
Chunk 1
---
 WBD) (“WBD”). The letter clearly sets out why Paramount’s $30.00 per share all-cashoffer to acquire all of WBD is superior to WBD’s transaction with Netflix (NASDAQ: NFLX). Full text of the letter follows below. Dear Warner Bros. Discovery Shareholder: Paramount began pursuing Warner Bros. Discovery (“WBD”) because we, along with our partner RedBird Capital, believe we are the best stewards not only to build long-term value for the asset but also delight audiences and help cultivate a more vibrant creative community. We funded, founded and then merged Skydance with Paramount and know the sacrifices and investment it takes to capitalize and grow a media business. I am passionate and dedicated to this pursuit, committed to putting my own money in, and that is why I am writing to you today. Over the past 12 weeks, Paramount presented six proposals to the WBD Board of Directors and management to acquire all of WBD. On Monday, we launched a $30.00 per share all-cashtender offer to present our superior transaction to you directly. Our tender offer documents filed with the Securities and Exchange Commission include the complete bid package we submitted to the WBD Board of Directors on December 4. We want you to see firsthand what Paramount proposed and what we, along with our equity and debt financing partners, were prepared to execute on that very day.

Our public offer – identical to the terms we presented to WBD privately – delivers superior value and a faster, more certain path to completion than the transaction announced with Netflix. IT IS NOT TOO LATE TO REALIZE THE BENEFITS OF PARAMOUNT’S PROPOSAL IF YOU CHOOSE TO ACT NOW AND TENDER YOUR SHARES.. Paramount’s $30.00 All-Cash Offer for All of WBD Delivers Greater Value Than Netflix Our offer is financially superior to Netflix’s transaction, which provides WBD shareholders with lower value, less cash and significantly less certainty . On its face, Netflix is offering WBD shareholders $23.25 per share in cash, $4.50 in stock and a share in WBD’s Global Networks spin-off. Inreality, however, the total value is materially lower than advertised:

| 1) | Netflix’s cash component is ~$18 billion                 
 lower than Paramount’s in the aggregate (~$7 per share). |

| 2) | Netflix’s stock price closed at $96.71 on Tuesday and, as of this writing, is trading at $93.81,