Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311456
Chunk: 2

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 2
---
.6 billion more cash than the deal that they currently have signed up with Netflix. And we believe when they see what is currently
in our offer, that that’s what they’ll vote for.

FABER: Were you told during the process that cash is king?

ELLISON: Yes, absolutely. What we were told repeatedly was that they wanted all cash. We delivered all cash. We were, we were asked if they wanted it to be
fully backstopped by the Ellison family and RedBird. We delivered it fully backstopped by the Ellison family and RedBird. And when you look at the scale of the companies, right, look at the scale of Netflix, 310 million global subscribers. When
you combine the number one streamer with the number three streamer, that creates a company that has

unprecedented market power north of 400 million subscribers. The next largest competitor is Disney, with just under 200 million. That’s bad for Hollywood. That’s bad for the
creative community. That’s bad for consumers. And look at how the market is reacting to this deal. We are literally seeing talent talking about the death of movie theaters. We’ve all heard Ted Sarandos’ comments about how he feels
about the theatrical experience. And you’ve also seen, you know, and our deal is also offering more cash for shareholders.

FABER: Now, you’ve
made that point. And, obviously, it is offering more cash. So, if they said cash is king and then they were willing to take stock, obviously only 14 or 15 percent of the overall consideration that Netflix is offering. Nonetheless, do you feel
as though you were disadvantaged in this process? And if you were, what can you cite to prove, in fact, that somehow you were not on a level playing field in having your offer considered with their offer?

ELLISON: So, I do think there is an inherent bias towards us. If you look at it, we, fundamentally—

FABER: Towards them. An inherent bias towards them.

ELLISON:
Correct.

FABER: Yes.

ELLISON: We put the company in play.

FABER: Yes.

ELLISON: We, you know, which, again, we
don’t think was particularly taken well.

FABER: No, I think that actually starts you off on a potentially bad foot when you’re making an
unsolicited bid for a company.

ELLISON: But look at what we did with