Company: WBD
Filing Date: 2025-12-09
Form Type: 425
Source: 0001193125-25-311838
Chunk: 0

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-09
Form: 425
Chunk 0
---
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-12AND RULE 14d-2(b) UNDER THE SECURITIES EXCHANGE ACT OF 1934 SUBJECT COMPANY: WARNER BROS. DISCOVERY, INC. COMMISSION FILE NO. 001-34177 NETFLIX, INC. COMPANY CONFERENCE PRESENTATION - PRELIMINARY COPY DEC 08, 2025 Question and Answer John Christopher Hodulik UBS Investment Bank, Research Division Okay, everybody. Good afternoon, and thanks for joining us. I’m John Hodulik, the telecom and media analyst here at UBS. I’m pleased to announce our next speakers are Greg Peters and Ted Sarandos, the co-CEOs of Netflix. Thanks for being here, guys. Thanks for taking time out of what definitely a busy schedule for you. Theodore A. Sarandos Co-CEO, President & Director Yes. John Christopher Hodulik UBS Investment Bank, Research Division So we’ve got 35 minutes for Q&A, and I figure we’ll just dig right in. Paramount’s Skydance is now offering an alternative bid to Warner Bros.’ shareholders. What are your thoughts? . Good opener. Go right for it. Theodore A. Sarandos Co-CEO,President & Director Today’s move was entirely expected. We have a deal done, and we are incredibly happy with the deal. We think it’s great for our shareholders, we think it’s great for consumers. We think it’s a great way to create and protect jobs in the entertainment industry. We’re super confident we’re going to get it across the line and finish. So we’re excited. . John Christopher Hodulik UBS Investment Bank, Research Division Obviously, Warner Bros. is significant deal for you guys and for the media industry. Theodore A. Sarandos Co-CEO,President & Director Yes. John Christopher Hodulik UBS Investment Bank, Research Division Help us understand the rationale for the transaction and the benefits to both members and shareholders of the combination? Gregory K. Peters Co-CEO,President & Director Yes. One, we recognize that this is unexpected. We haven’t done this before. So maybe just walk you through a little bit of how we think this creates value and sort