Company: WBD
Filing Date: 2025-12-08
Form Type: 425
Source: 0001193125-25-311439
Chunk: 0

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: 425
Chunk 0
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FORM OF 425 FILING (PRIOR TO FILING OF FORM S-4)

FILED BY NETFLIX, INC.

PURSUANT TO
RULE 425 UNDER THE SECURITIES ACT OF 1933

AND DEEMED FILED PURSUANT TO RULE 14a-12 AND RULE 14d-2(b)

UNDER THE SECURITIES EXCHANGE ACT OF 1934

SUBJECT COMPANY: WARNER BROS. DISCOVERY, INC.

COMMISSION FILE NO. 001-34177

VIEW SHARE Netflix and Warner Bros. combined will have 9.2% TV viewshare in the U.S. October 2025 October 2025 Pro Forma YouTube 12.9% YouTube 12.9% The Walt Disney Company 11.4% The Walt Disney Company 11.4% NBCUniversal 8.6% Netflix & Warner Bros. 9.2% 1.2% HBO / HBO Max FOX 8.4% NBCUniversal 8.6% Paramount 8.2% FOX 8.4% Netflix 8.0% Paramount 8.2% Warner Bros. Discovery 5.6% 1.2% HBO / HBO Max Discovery Global 4.4% 84037-001 08Dec25 15:57 Page 5 Nielsen Share of U.S. TV Time By Distributor 1

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NO OFFER OR SOLICITATION

This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an
offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This document contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A
of the U.S. Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Netflix, Inc.’s (“Netflix”) and Warner