Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311457
Chunk: 7

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 7
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x Equity Value / NTM EBITDA Results in only $1.00 / Equity Value / NTM EBITDA 0.6x share of value Global Networks Source: Netflix / Warrner Bros. Discovery, Inc. Merger Announcement Presentation, Versant Investor Day Presentation, FactSet. 1. Target Net Leverage per Versant Investor Day Presentation. 7 2. Global Networks Net Debt / NTM EBITDA based on Factset Consensus NTM 9/30/2026E EBITDA (based on 25% of 2026E and 75% of 2027E EBITDA), assuming a 50% allocation of corporate costs and intercompany eliminations, with estimated ~$15bn in net debt.

Paramount’s proposal delivers more value to WBD shareholders with its timeline and certainty to close Conservatively assuming an incremental 6 months to close for Netflix, Paramount delivers $2.50+ incremental value per share on a net present value basis. This assumes Netflix’s transaction closes – there is a material risk that this does not happen. Netflix Proposal Present Value – Undiscounted Package Value Additional 6 Months to Close Variables Not Factored $2.50+ incremental value delivered, before See Page 6 factoring Netflix Proposal risks of (i) not closing • Probability of Closing: and (ii) non-cash components Package $30.00 Value gap widens when $28.75 Value to WBD $27.50 factoring in probability Shareholders of closing, given elevated risk for Netflix • Non-Cash Components: Uncertainty of Netflix stock price and Global Networks trading value Netflix Package Value • See Page 6 Key • NFLX Stock: Continues to trade within collar ($97.91 - $119.67) • Illustrative 10% Discount Rate for Cash and NFLX stock components of NFLX offer 1 Assumptions • Global Networks : 4.5x EV / NTM EBITDA (Wall Street Research Global Networks SOTP Median) Source: Netflix / Warrner Bros. Discovery, Inc. Merger Announcement Presentation, FactSet. 8 1. Global Networks value based on Factset Consensus NTM 9/30/2026E EBITDA (based on 25% of 2026E and 75% of 2027E EBITDA), assuming a 50% allocation of corporate costs and intercompany eliminations, with estimated ~$15bn in