Company: WBD
Filing Date: 2025-12-09
Form Type: 425
Source: 0001193125-25-311838
Chunk: 16

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-09
Form: 425
Chunk 16
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 a place to play there. Also taking story game IP and just finding another distribution range for that. We did it with Grand Theft Auto. We just released Red Dead Redemption, which as you can see is topping the game charts on mobile. So that’s another great example that’s there. And the fourth one is when we think about is social games. This is like family game nights, reinvented or maybe even the extension of what used to be the game show, right? And we released a bunch of games on the TV that is designed for folks to sit around the TV with our phones as controller and play, I think Boggle, Pictionary, LEGO. And we’re seeing really big take-upin that — and then we’ve got a new game, quiz show game coming, Best Guess, which is super exciting, which gets into a little bit that game show space. And how do we bring interactivity into the linear world too because we see this really world as blending. And so now we’re definitely seeing those numbers come up in terms of... Theodore A. Sarandos Co-CEO,President & Director Across games and live and all the other new skill sets that we’re building on... Gregory K. Peters Co-CEO,President & Director Back to thinking about all these things working together. Theodore A. Sarandos Co-CEO, President & Director Did you get a chance to play with any of the games at home that’s over the on and did play any of the party games yet? Gregory K. Peters Co-CEO,President & Director Take a chance, all right.

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NETFLIX, INC. COMPANY CONFERENCE PRESENTATION - PRELIMINARY COPY DEC 08, 2025 Theodore A. Sarandos Co-CEO, President & Director You’ll have fun. John Christopher Hodulik UBS Investment Bank, Research Division Does the Warner Bros. assets enhance the — or accelerate the success on the gaming side? Gregory K. Peters Co-CEO,President & Director Yes. And maybe worth going back again to sort of how we thought about the deal and building our valuation model, while they definitely have been doing some great work in the game space, we actually didn’t attribute any value to that from the get-gobecause they’re relatively minor compared to the grand scheme of things. Now we are super excited because some of those properties that they’ve built, Hogwarts is a great example of that, have been done quite well, and we think that we can