Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311457
Chunk: 6

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 6
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5 the agreed collar range, following a ~3% drop the day of announcement and ~20% drop since NFLX Q3 earnings and initial rumors of WBD pursuit Source: Netflix / Warrner Bros. Discovery, Inc. Merger Announcement Presentation.

Paramount’s proposal delivers more value to WBD shareholders than Netflix’s proposal Paramount’s proposal delivers more value to WBD shareholders than Netflix’s proposal, assuming WBD’s Global Networks (“GN”) trades at 4.5x EV / NTM EBITDA, in-line with Wall Street consensus Total $30.00 $28.75 1 $1.00 GN Stock $4.50 NFLX Stock Package Value to $30.00 WBD $23.25 Cash Cash Shareholders Continues to trade within collar ($97.91 - $119.67) NFLX th Value of NFLX stock subject to change – as of Dec. 5 , NFLX stock was only trading ~2% above N/A Stock the low-end of the agreed collar range, following a ~3% drop the day of announcement and ~20% drop since NFLX Q3 earnings and initial rumors of WBD pursuit 4.5x EV / NTM EBITDA GN N/A (Wall Street Research Global Networks SOTP Median) Multiple Source: Netflix / Warrner Bros. Discovery, Inc. Merger Announcement Presentation, FactSet. 6 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 net debt. Key Assumptions

Wall Street views of Global Networks and direct comparables highlight risk and uncertainty associated with Global Networks stock Wall Street is valuing WBD’s Global Networks at 4.5x and Versant, a direct comp to Global Networks, at 4-5x EBITDA. This range implies limited equity value for Global Networks at expected leverage of >3.5x Net Debt / EBITDA Illustrative Comparable Companies Capitalization 4.5x 4.5x TEV / NTM EBITDA TEV / NTM EBITDA 1 1.3x Net Debt / NTM EBITDA 2 3.9x Net Debt / NTM EBITDA 3.3