Company: WBD
Filing Date: 2025-12-10
Form Type: DFAN14A
Source: 0001193125-25-314445
Chunk: 0

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-10
Form: DFAN14A
Chunk 0
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 14A PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. ) Filed by the Registrant ☐ Filed by a party other than the Registrant ☒ Check the appropriate box:

| ☐ | Preliminary Proxy Statement |

| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 
 14a-6(e)(2))                                                       |

| ☐ | Definitive Proxy Statement |

| ☐ | Definitive Additional Materials |

| ☒ | Soliciting Material under §240.14a-12 |

Warner Bros. Discovery, Inc. (Name of Registrant as Specified In Its Charter) Paramount Skydance Corporation (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply):

| ☒ | No fee required |

| ☐ | Fee paid previously with preliminary materials |

| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 
 14a-6(i)(1) and 0-11                                                           |

Filed by Paramount Skydance Corporation

Pursuant to Rule 14a-12 under the

Securities and Exchange Act of 1934, as amended

Subject Company: Warner Bros. Discovery, Inc.

Commission File No.: 001-34177

Date: December 10, 2025

The following is a
press release issued by Paramount Skydance Corporation, including a letter from David Ellison, the Chairman and CEO of Paramount Skydance Corporation, to shareholders of Warner Bros. Discovery, Inc., dated December 10, 2025.

PARAMOUNT SENDS LETTER TO WARNER BROS. DISCOVERY SHAREHOLDERS

| • |     | Reiterates why Paramount’s offer will deliver WBD shareholders with superior value and a faster, more 
 certain path to completion than the Netflix transaction                                               |

| • |     | Encourages shareholders to tender their shares today to register their view with the WBD Board of Directors that 
 they prefer the superior Paramount transaction                                                                   |

Los Angeles and New York, December 10, 2025 –Paramount, a Skydance Corporation (NASDAQ: PSKY) (“Paramount”), today sent a letter to the shareholders of Warner Bros. Discovery, Inc. (NASDAQ: