Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311455
Chunk: 8

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 8
---
 the business. What I would say to you is that we are very focused on maintaining the creative engines of the company, and so the costs really go to duplicative functions on back office, finance, corporate, legal, technology, infrastructure, et cetera. And we feel confident in our $6 billion number after doing due diligence extensively with Warner Bros. with the help of our outside consultants at Bain, who guided us through the Paramount process and have allowed us to deliver on our earnings call, another $1.5 billion of efficiencies just at Paramount alone. David? David Ellison Chairman & CEO Yes. No. I mean it’s — I mean I think Andy really obviously covered it on synergies. I mean, in regards to the process, I think what’s important to note and why we’re here today is we do believe we submitted shareholders with a superior proposal that has roughly $18 billion more in cash in it than the deal they signed up with Netflix. And if you just walk through these higher process, every single offer we made had no financing conditions. And throughout the totality of the process, we never received a single markup of the documents. And upon our last offer, which we are now taking directly to shareholders, which, by the way, we did note directly to the CEO, David Zaslav, was not best and final; we never got a response to, even after we responded to all of their requests within a 24-hourperiod of time. And given the fact that when you look at our $30 in cash versus their $23.25 in cash, we believe that shareholders will want the value, certainty and speed to close that we are offering, which is why we’re here today. Operator The next question goes to Robert Fishman of MoffettNathanson.

| Copyright © 2025 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. 
 spglobal.com/marketintelligence                                                                     |     | 8 |

PARAMOUNT SKYDANCE CORPORATION M&A CALL DEC 08, 2025 Robert S. Fishman MoffettNathanson LLC Curious, how would this Warner Bros. Discovery deal accelerate the timing of achieving your own North Star priorities, especially when thinking about scaling your streaming strategy globally? How would you use or plan to use HBO and Warner Brothers content differently within Paramount+, maybe even from pricing or tiering perspective to help reflect the premium content? And then just a second one, if I can. Can you just talk about your