Company: WBD
Filing Date: 2025-12-10
Form Type: DFAN14A
Source: 0001193125-25-314445
Chunk: 9

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-10
Form: DFAN14A
Chunk 9
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 networks and streaming.                                                                                                                                                                                                              |

| • |     | On a combined basis, we still expect to lead the industry in content spending (~$35 billion annually vs. 
 Netflix’s publicly announced expectation of ~$18 billion for 2025).                                      |

| • |     | It is important to note that context matters. Because it is only buying part of WBD, Netflix’s $2-3 billion announced synergy target in its transaction does not include any savings from Global Networks – WBD’s largest segment by SG&A in 2024 ($2.8 billion, vs. 
 $2.4 billion in Studios and $2.2 billion in Streaming). The suggestion that Paramount’s plan relies on deeper job cuts than Netflix’s is not supported by any facts.                                                                                                 |

WBD shareholders and other interested parties can find additional information about Paramount’s superior offer at www.StrongerHollywood.com. About Paramount, a Skydance Corporation Paramount, a Skydance Corporation (NASDAQ: PSKY) is a leading, next-generationglobal media and entertainment company, comprised of three business segments: Filmed Entertainment, Direct-to-Consumer,and TV Media. Paramount’s portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS – America’s most-watched broadcast network, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Paramount TV, and Skydance’s Animation, Film, Television, Interactive/Games, and Sports divisions. For more information, please visit https://www.paramount.com/.

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