Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308764
Chunk: 1

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 1
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230.405 of this chapter) or Rule 12b-2of the Securities Exchange Act of 1934 (§240.12b-2of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

| Item 7.01 | Regulation FD Disclosure. |

On December 5, 2025, Warner Bros. Discovery, Inc., a Delaware corporation (“WBD” or the “Company”), and Netflix, Inc., a Delaware corporation (“Netflix”), issued a joint press release announcing the execution of an Agreement and Plan of Merger (the “Merger Agreement”), by and among WBD, Netflix, Nightingale Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Netflix (“Merger Sub”), and New Topco 25, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“New Company”). The full text of the joint press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-Kand is incorporated by reference herein. WBD also made available to employees the materials included as Exhibit 99.2. Exhibits 99.1 and 99.2 are being furnished under Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of such section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

| Item 8.01 | Other Events. |

On December 4, 2025, WBD entered into the Merger Agreement, by and among WBD, Netflix, Merger Sub and New Company. Important Information about the Transaction and Where to Find It This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. This communication may be deemed to be solicitation material in respect of the proposed transaction between WBD and Netflix (the “proposed transaction”). In connection with the proposed transaction, Netflix intends to file a registration statement on Form S-4,containing a proxy statement/prospectus, with the SEC and WBD