Company: WBD
Filing Date: 2025-12-08
Form Type: 425
Source: 0001193125-25-310112
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

CONFIDENTIAL Help Center FAQs (page to be linked out to main customer notice): https://help.netflix.com/en Q: Why is Netflix acquiring Warner Bros.?

| • |     | This acquisition unites our leading entertainment service with Warner Bros.’ iconic stories, bringing some                                                                              
 of the world’s most beloved franchises like Harry Potter, Friends, The Big Bang Theory, Casablanca, Game of Thrones and the DC Universe together with Stranger Things, Wednesday, Squid 
 Game, Bridgerton and KPop Demon Hunters. You can read more here.                                                                                                                        |

Q: What from Warner Bros. is Netflix acquiring?

| • |     | Our acquisition includes Warner Bros.’ film and television studios, HBO Max and HBO. |

Q: What does this mean for my membership?

| • |     | Nothing is changing with your membership today. The transaction is subject to regulatory and shareholder       
 approvals. We expect to close the transaction in 12-18 months. You’ll hear from us when we have more to share. |

Q: Will there be any changes to my monthly subscription plan?

| • |     | Nothing is changing with your current plan. Continue enjoying our variety of quality movies, TV shows, games and 
 live programming all on your current membership plan.                                                            |

Q: Am I able to access HBO Max or other Warner Bros. services on Netflix now?

| • |     | No, you should continue to access these services separately. |

Q: When will Warner Bros. shows become available on Netflix?

| • |     | Nothing is changing with content currently on Netflix. Netflix and Warner Bros. will remain separate until the 
 transaction is closed.                                                                                         |

Q: What if I already have an HBO Max subscription, should I cancel?

| • |     | Netflix and Warner Bros. will remain separate until the transaction is closed. |

Q: Will my watch history, recommendations, or profiles change because of the acquisition?

| • |     | Nothing is changing