Company: WBD
Filing Date: 2025-12-08
Form Type: 425
Source: 0001193125-25-310101
Chunk: 0

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: 425
Chunk 0
---
FORM OF 425 FILING (PRIOR TO FILING OF FORM S-4)

FILED BY NETFLIX, INC.

PURSUANT TO RULE 425 UNDER THE SECURITIES ACT OF 1933

AND DEEMED FILED PURSUANT TO RULE 14a-12 AND
RULE 14d-2(b)

UNDER THE SECURITIES EXCHANGE ACT OF 1934

SUBJECT COMPANY: WARNER BROS. DISCOVERY, INC.

COMMISSION FILE NO. 001-34177

| Operator (Jen): |     | Welcome to the Netflix to Acquire Warner Brothers conference call. Our host for today’s call is Spencer Wang. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session. I                       
 would now like to turn the call over to your host, Spencer Wang. You may begin.                                                                                                                                                                       |
| Spencer Wang:   |     | Thank you, operator. And good morning everyone. Thanks for joining us on such short notice to discuss our agreement to acquire Warner                                                                                                                 
 Brothers. You can find more information about the transaction and a press release on our investor relations website at ir.netflix.net. Today’s call is also being webcast. After the call, we’ll post a replay and transcript and our                 
 investor presentation on our website. Joining me for today’s call are co-CEOs, Greg Peters and Ted Sarandos and our CFO, Spence Neumann. We’ll now run through a quick presentation and transaction summary, and then we’ll open it up                
 to Q and A. As a reminder, we will be making forward-looking statements subject to risks and uncertainties.                                                                                                                                           
 Please read our cautionary statement at the end of this presentation. You may find further information on the risks and uncertainties that apply to any                                                                                               
 forward-looking statements in Netflix’s and WBD’s SEC filings on our respective investor websites. With that, let me turn the call over to our co-CEO, Ted Sarandos.                                                                                  |
| Ted Sarandos:   |     | Thank you, Spencer. And good morning, everyone. This is a big day. We’re really beyond excited to welcome Warner Brothers to Netflix. And I want to start by thanking David Zaslav, the Warner Brothers management team, the                          
 Warner Brothers Discovery board of directors for trusting us with this incredible legacy of world-class storytelling. To recap the news, I’m sure you’ve all seen. Earlier today