Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308764
Chunk: 5

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 5
---
                           
 Joint Press Release, dated December 5, 2025                                                                                                                           
 Warner Bros. Discovery, Inc. Email to Employees, dated December 5, 2025                                                                                               |
|:--------|:----|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 101     |     | Inline XBRL Instance Document - the instance document does not appear in the Interactive Date File because its XBRL tags are embedded within the Inline XBRL document |
| 104     |     | Cover Page Interactive Data File (embedded within the Inline XBRL document)                                                                                           |

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

| Date: December 5, 2025 |     | WARNER BROS. DISCOVERY, INC. |     |                         |
|:-----------------------|:----|:-----------------------------|:----|:------------------------|
|                        |     | By:                          |     | /s/ Gunnar Wiedenfels   |
|                        |     | Name:                        |     | Gunnar Wiedenfels       |
|                        |     | Title:                       |     | Chief Financial Officer |

Exhibit 99.1

NETFLIX TO ACQUIRE WARNER BROS. FOLLOWING THE SEPARATION OF DISCOVERY

GLOBAL FOR A TOTAL ENTERPRISE VALUE OF $82.7 BILLION

(Equity Value of $72.0 Billion)

Transaction Unites Warner Bros.’ Iconic Franchises and Storied Libraries with Netflix’s

Leading Entertainment Service, Creating an Extraordinary Offering for Consumers

Netflix to Maintain Warner Bros.’ Current Operations

Combination Will Offer More Choice and Greater Value for Consumers, Create More

Opportunities for the Creative Community and Generate Shareholder Value

Acquisition Will Strengthen the Entertainment Industry

HOLLYWOOD, Calif., Dec. 5, 2025 — Today, Netflix, Inc. (the Company) and Warner Bros. Discovery, Inc. (WBD) announced they have entered into a
definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO.

The cash and stock
transaction is valued at $27.75 per WBD share (subject to a collar as detailed below), with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion). The transaction is