Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311456
Chunk: 6

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 6
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 believe he believes in competition.
And when you fundamentally look at the marketplace, allowing the number one streaming service to combine with the number three streaming service is anti-competitive, and this whole notion of category ambiguity, forgive me, David, you’ve been
doing this a long time.

FABER: Yes, I have.

ELLISON: Like
I don’t, I don’t buy it.

FABER: You don’t buy it. In other words, their argument, John Malone made this argument with me. It’s
not about streamers, it’s about TikTok and Instagram and YouTube.

ELLISON: I’m sorry this is that’s that’s, let’s follow
that analogy for a second, right? Okay, that’s like saying Coke can buy Pepsi, that they’re both beverages because Budweiser is a substitute for Coke. That’s not a realistic argument. Now let’s actually look at it from the
talent community, the greatest showrunners in the world. David Benioff is not going to take the next Game of Thrones to basically TikTok or to Instagram. They’re going to take it to Netflix. They’re going to take it to Amazon.
They’re going to take it to Apple, they’re going to take it to HBO Max. They’re going to take it to Paramount Plus. That’s not actually how the ecosystem works. If this deal is allowed to come to pass, it is anti-competitive,
and it is a horrible deal for Hollywood. And as someone who spent the last 15 years of my life producing movies and television shows, this is an industry that I love, this is an existential moment for our business, and we believe that what we are
offering is better for Hollywood. It’s better for the customers and it’s pro-competitive.

FABER: You
know, I wonder we were having this conversation on the desk a moment ago. It may be better for Hollywood than Netflix owning it, but will it be better in and of itself? I mean, you’re talking about huge cost synergies, for example. It’s
not clear or can you make it clear that, in fact, Hollywood will actually benefit, and there won’t be reductions overall still in the amount of productions and jobs.

ELLISON: Absolutely it will be beneficial for Hollywood. I mean, one, everyone loves to contextualize the
six legacy studios, right? But I think when you have to look at the new entries that have come into