Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311457
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Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 14A PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. ) Filed by the Registrant ☐ Filed by a party other than the Registrant ☒ Check the appropriate box:

| ☐ | Preliminary Proxy Statement |

| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 
 14a-6(e)(2))                                                       |

| ☐ | Definitive Proxy Statement |

| ☐ | Definitive Additional Materials |

| ☒ | Soliciting Material under §240.14a-12 |

Warner Bros. Discovery, Inc. (Name of Registrant as Specified In Its Charter) Paramount Skydance Corporation (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply):

| ☒ | No fee required |

| ☐ | Fee paid previously with preliminary materials |

| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 
 14a-6(i)(1) and 0-11                                                           |

Filed by Paramount Skydance Corporation

Pursuant to Rule 14a-12 under the

Securities and Exchange Act of 1934, as amended

Subject Company: Warner Bros. Discovery, Inc.

Commission File No.: 001-34177

Date: December 8, 2025

The following is an
investor presentation from Paramount Skydance Corporation presented on an analyst and media conference call and webcast by executives from Paramount Skydance Corporation on December 8, 2025.

Paramount’s $30 all-cash offer provides greater value and certainty to WBD shareholders December 8, 2025

Exhibit (a)(5)(B) Paramount’s $30 all-cash offer provides greater value and certainty to WBD shareholders December 8, 2025

Disclaimer This presentation is provided for informational purposes only and for no other purpose. Certain information contained herein has been obtained from published sources prepared by third parties that Paramount Skydance Corporation (“Paramount”) believes to be reliable. Moreover, certain information in this presentation is based on assumptions, estimates and other factors that were available to Paramount at the time this presentation was prepared. Such assumptions, estimates or other factors, whether made by Paramount or third parties,