Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311456
Chunk: 1

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 1
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, look, we’re really here to finish what we
started. Like, just to kind of take you through the road in terms of how we got here. On December 1, we made an offer to acquire Warner Bros. Discovery to their board, had a conversation with
David Zaslav. He came back with a bunch of issues. We then, on December 4, sent in a bid that addressed every single one of them that is superior to the bid that they signed up. Our offer is $30
a share, all cash, $41 billion in equity that’s backstopped by the Ellison family and RedBird, $54 billion in debt with commitments from Citi, Bank of America and Apollo. We have faster regulatory certainty to close and our deal is pro-consumer. It’s pro-creative talent. It’s pro-competition. And we believe that when you actually to further
contextualize the our $30 in cash, or, sorry, $30 a share is basically $17.6 billion in cash, more than the $23 a share that they signed up. We will—

FABER: Right. Well, you’re not obviously paying, you’re paying for global networks. Their deal doesn’t involve paying for global networks,
which were traded, it’s a public company. Which, by the way, also figures very prominently here in trying to determine what the overall value of the respective deals are, because they’re a $27.75, including obviously the stock portion of
their deal.

ELLISON: Correct.

FABER: But it also
includes, well what’s global networks. Is it a $2 stock. Is it a $4 stock. What do you see? Because that can go a long way in terms of at least determining why the board may have said, no, we think Netflix is superior.

ELLISON: So, respectfully, we think that basically that’s valued at $1 a share. I think if you look—

FABER: Why $1?

ELLISON: So, if you look at Versant and where
the median of all of this is, it’s about four and a half times. You have to get to five times equity value or more to basically get to the, you know, kind of $3 plus that you’re claiming. But again, I think the most important thing to go
back here is, look, we’re sitting on Wall Street where cash is still king. We are offering shareholders $17