Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 1

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 1
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 elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Explanatory Note This Amendment on Form 8-K/A(this “Amendment”) amends the Current Report on Form 8-Kfiled by Netflix, Inc., a Delaware corporation (“Netflix”), on December 5, 2025 (the “Original 8-K”),in which Netflix reported its entry into an Agreement and Plan of Merger (the “Merger Agreement”) with Nightingale Sub, Inc., a Delaware corporation and wholly owned subsidiary of Netflix (“Merger Sub”), Warner Bros. Discovery, Inc., a Delaware corporation (“WBD”), and New Topco 25, Inc., a newly formed Delaware corporation and wholly owned subsidiary of WBD (“Newco”). This Amendment is being filed in order to include an exhibit to the Merger Agreement that was not included with the Merger Agreement filed as Exhibit 2.1 to the Original 8-K.The Merger Agreement as filed hereto as Exhibit 2.1 supersedes the Merger Agreement filed as Exhibit 2.1 to the Original 8-Kand is incorporated by reference into Item 1.01 of the Original 8-K,and the description of the Merger Agreement and the Merger (as defined in the Original 8-K)in the Original 8-Kis qualified in its entirety by reference to the full text of the Merger Agreement attached hereto as Exhibit 2.1. Other than as expressly set forth herein, the Original 8-Kremains unchanged.

| Item 9.01 | Financial Statements and Exhibits. |

(d) Exhibits.

| Exhibit 
 No.     
 2.1     |     | Description                                                                                                                                                         
 Agreement and Plan of Merger, dated as of December 4, 2025, by and among Netflix, Inc., Nightingale Sub, Inc., Warner Bros. Discovery, Inc. and New Topco 25, Inc.* |
|:--------|:----|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 104.1   |     | Cover Page Interactive Data File (embedded within the Inline XBRL document).                                                                                        |

| * | Annexes, schedules and/or exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K promulgated by the SEC. Netflix agrees to furnish supplementally a copy of any omitted annexes, schedules or exhibits to the SEC upon request. |