Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 15

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 15
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 as well as other risks associated with the Merger, will be more fully discussed in the proxy statement/prospectus to be filed with
the SEC in connection with the Merger. While the list of factors presented here is, and the list of factors presented in the proxy statement/prospectus will be, considered representative, no such list should be considered to be a complete statement
of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the
forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Netflix’s or
WBD’s consolidated financial condition, results of operations or liquidity. Neither Netflix nor WBD assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information,
future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

SIGNATURE 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 |     | NETFLIX, INC. |     |                                   |
|:-----------------------|:----|:--------------|:----|:----------------------------------|
|                        |     | By:           |     | /s/ David Hyman                   |
|                        |     |               |     | David Hyman                       |
|                        |     |               |     | Chief Legal Officer and Secretary |

Exhibit 2.1

EXECUTION VERSION

AGREEMENT AND PLAN OF MERGER

among

WARNER BROS. DISCOVERY, INC.,

NEW TOPCO 25, INC.,

NETFLIX, INC.

and

NIGHTINGALE SUB, INC.

Dated as of December 4, 2025

TABLE OF CONTENTS

|                                                            |     |                                                                     |     | Page |    |
| ARTICLE I                                                  |     |                                                                     |     |      |    |
| THE MERGER                                                 |     |                                                                     |     |      |    |
| Section 1.1                                                |     | The Merger                                                          |     |      |  3 |
| Section 1.2                                                |     | Closing                                                             |     |      |  3 |
|