Company: WBD
Filing Date: 2025-12-09
Form Type: 425
Source: 0001193125-25-311838
Chunk: 1

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-09
Form: 425
Chunk 1
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 of also how we get to there and think about what’s the executability of all the theories that we’ve built into the case. And so we’ve broken it down essentially into 3 phases. And it’s worth noting that Phase 1 is essentially between now and close. And Phase 1, our job is to continue to grow our business. We got a tremendous opportunity for organic growth that we still are very, very excited about, and our job is essentially to execute against that. And we think that that’s a relatively low risk. We know how to go do that. By the way, Warner Bros will be doing the same in parallel as well. And then you get into the close period. And we see — essentially, this is where we saw 2 really big centers of value that we believe are highly executable, and we can implement in this space. The first part is there’s a bunch of titles that the Warner teams have that we think that there’s more value to unlock in. And we think we have exactly the platform to go do that. We’ve got incredible reach. We’ve got a project experience that maximizes the value and content. This is the business that we are in. Essentially, we are constantly in the business of evaluating various different licensing opportunities for titles and then trying to figure out how do we maximize the value of that asset on our platform. So again, that’s something we do day in and day out, and we think it’s relatively low risk to execute. The other component is around HBO, the brand and the service. And HBO is an incredible brand with an incredible history. It speaks prestige TV. We want to double down on that concept. And then we think that, that gives us an additional lever, additional tool, essentially to think about how to compose plans and offerings for different consumers that give them the right kind of entertainment they want at the right price point. And we think that we are in the business of doing that kind of optimization. And it sounds like that might be hard to go do. But recognize, we’ve just done that. We’ve done that with our ads plan as an example. We’ve had to think about how do you compose a set of offerings to maximize value for the business, while keeping consumers happy with different offerings. So we see that again as completely executable and we know how to iterate and solve that problem as well.

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NETFLIX, INC. COMPANY CONFERENCE PRESENTATION - PRELIMINARY COPY DEC 08