Company: WBD
Filing Date: 2025-12-09
Form Type: 425
Source: 0001193125-25-311838
Chunk: 6

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-09
Form: 425
Chunk 6
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 really strong foundation and then you can introduce new complexities to the business for future growth. And we have now been doing that pretty successfully, I think, by doing things that people would argue are pretty complicated. Gregory K. Peters Co-CEO,President & Director And we’ve never done before either. Theodore A. Sarandos Co-CEO,President & Director And we haven’t done any of them before. So the simplicity of — remember, we started making original series, our first original series, we didn’t — we weren’t doing movies then. We weren’t doing unscripted then, we weren’t doing any international originals then. And now we do all those things very successfully and producing in 50 countries today is pretty complicated. Greg, you’ve talked about this ingest model that we’ve been doing with TF1. I think that’s… Gregory K. Peters Co-CEO, President & Director It’s something new that’s been fresh as well. I mean it’s involved like standing up whole new businesses that we’ve never done before. We’ve never done live before, we’ve never done NAS so all great examples of us extending that core foundation and building on top of it. Theodore A. Sarandos Co-CEO, President & Director Being nimble. Like I said, I do think that simplicity was an early super power, I think, of ours. And today, I think it’s enabled us to do things that are really much more complicated but also chase bigger prizes. Gregory K. Peters Co-CEO,President & Director And I think we still want to be choosy. We’ve always been from the perspective of you do a small number of things, but you really do them to win and that’s sort of the same angle that we’re taking towards this opportunity as well. John Christopher Hodulik UBS Investment Bank, Research Division It seems like a lot of the initiatives that you’ve had are sort of reaching their, not conclusion, but you’re far enough along on the ad side, you’re far enough long on other businesses that there’s room — there’s more room in terms of management… Theodore A. Sarandos Co-CEO,President & Director And I think this would — all these things will benefit from all those things. Gregory K. Peters Co-CEO,President & Director It might be — there’s maybe 2 statements to that and it’s that one of our core theories has been that everything the extension we do has got to have leverage from the core and