Company: WBD
Filing Date: 2025-12-08
Form Type: 425
Source: 0001193125-25-310101
Chunk: 2

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: 425
Chunk 2
---
 organization, recognized as a leading supplier of television and                
 powerhouse in the films entertainment. HBO and HBO Max also provide a compelling, complimentary offering for consumers. We expect these businesses by joining forces, we are creating a stronger organization than either of us could have achieved     
 alone. We have the innovation, global reach, and the best in class streaming service to bring these franchises, brands, shows, and movies to a larger audience than ever before.                                                                        |
|              |     | And that’s why we think this deal makes so much sense. Netflix and Warner Brothers really do compliment each other. Together, we can give audiences around the world even more value and choice and get one step closer to being                        
 the most loved and the most valued entertainment company. Warner Brothers has helped to find the last century of entertainment and together we can help define the next one. And with that, I’m going to turn it over to co-CEO, Greg Peters, to        
 talk more about the strategic rationale for the deal.                                                                                                                                                                                                   |
| Greg Peters: |     | Thanks, Ted. I just want to take a few minutes to elaborate on why this deal makes strategic sense for Netflix, for Warner Brothers, and all the stakeholders that we serve. First and foremost, consumers. This deal provides greater                  
 choice and value for consumers. Warner Brothers has one of the world’s deepest libraries of IP, of films, of TV shows, and for our members, that means more bang for their buck. It means a wider variety of high quality shows and movies.             
 It’s also great for Warner Brothers and for the creators that they work with. Our global audience, our high expertise in streaming, that all means that their stories are going to reach more people.                                                   |
|              |     | They’re going to attract more fans than they do today. This combination will also strengthen the entertainment industry in a couple of key ways. Warner Brothers, of course, has got extensive studio assets, they’ve got                               
 great capabilities, including a leading television studio, and this acquisition will allow us to significantly expand our production capacity in the United States and keep investing in original content over the long term. That means more           
 opportunities for creative talent means more jobs created across the entire entertainment industry.                                                                                                                                                     |

|                 |     | Warner Brothers IP also means that we’ll be able to build on worlds and characters that audiences absolutely love, which means more opportunities for creators to tell those great stories. Finally, we expect this transaction to                        
 create value for our shareholders. Warner’s