Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311457
Chunk: 10

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 10
---
 • $54.0 billion bridge loan Capital − Fully committed bridge loan facility from Bank of America, Citi, and Apollo, with use of proceeds including refinancing WBD’s existing bridge loan • Anticipate offering existing PSKY shareholders the opportunity to invest alongside new capital 14

Strategic rationale & financial highlights Through a combination with WBD, Paramount would create a competitor to hyper-scaled streamers with a robust content engine and strengthened financial profile positioned well to create shareholder value Create a scaled, global streaming service to compete with Netflix, Amazon, and Disney Release 30+ theatrical projects annually with traditional windows across two storied studios Combined linear networks portfolio will more effectively face industry headwinds Provide consumers stronger bundled offering across TV, Film, News and Sports 1 Realize over $6 billion in run-rate combination efficiencies by 2029 Manage balance sheet to regain and then maintain investment grade credit metrics 15 1. Assumes 12/31/2026 transaction close

Scaled DTC platform offering global reach and strong path to profitability A scaled DTC offering that benefits customers with a premier content offering and improved on-platform experience Streaming Highlights Strategic Opportunities Global Streaming Footprint Leading Original Content Increase global platform scale Select Hit Presence in 100+ DTC Series Countries & Grow and strengthen streaming Premium Territories content offering across film, TV, Content Labels sports, and news Path to Profitability Marquee Live Sports Offering Improve consumer experience through tech investment 20%+ medium-term adj. EBITDA margins while growing overall investment Greater platform efficiency with increased scale 16 Source: Company filings.

Premier content engine across studios Two premier Hollywood studios with commitment to maintaining robust theatrical output Studio Highlights Strategic Opportunities Diversified Studios Home of Storied, Franchise IP Continued expansion of film slate $1bn+ Film Franchises TV Series Growth in TV slate with distribution optimized across owned services Kids and licensing rd Leading 3 Party Content Producer Unique Interactive Capabilities Cross-platform population of key Warner Bros. Skydance franchises Games Games Combine game development and licensing strengths to expand franchise reach 17 Source: Company filings.

The combined linear businesses offer robust profitability to reinvest in growth Diverse TV / Networks portfolio, anchored by marquee sports rights and CBS, driving significant profitability Linear Highlights Strategic Opportunities Global Reach Attractive Sports Portfolio Premier Value of CBS #1 Broadcast Network 17 Years in a Row Diversified linear portfolio anchored International Linear Networks WBD Global Networks Footprint by CBS Spanning 200 Countries & Territories Broad Combined Portfolio of International Broadcast / Cable Nets Optimize for