Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311456
Chunk: 11

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 11
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 are we somehow being disadvantaged? What’s the answer?

ELLISON: Look, we’ve been asking
ourselves that same question, which is why we’re taking this directly to shareholders.

FABER: So you don’t know the answer.

ELLISON: Look, we do believe that there has been an inherent bias in this process, because, again, to make a $30 all cash offer and to literally text the CEO
that our offer is not best and final, and then to not hear back. What do you think the answer is?

FABER: But you know, I’ve been trying to
understand it as well and trying to fully understand how many board members because they have a lot of very talented board members at this company were completely informed of everything that had occurred. And I’ve heard the idea that somehow
you were told that your deal wasn’t perfected. Is that correct?

ELLISON: So by the way, we’ve heard that but, but again, it just, it has no
basis in reality. It’s why I keep going back to the $41 billion in equity was fully backstopped by the Ellison family and RedBird.

FABER: Is
your father selling Oracle stock, by the way, to finance that, or just margining it? How is that actually working?

ELLISON: So, so we obviously have
investors that we’re partnering with as well. But again, we’re fully, we have all the capital necessary to complete this transaction.

FABER: Well, when you say that, though, is there, is there a way that they could perhaps doubt that, because
it doesn’t involve selling stock and actually having the money on hand?

ELLISON: David, come on, please. Like, I think, I think kind of calling
that into question is, is I don’t think there’s any merit to that.

FABER: No, I think, I think that’s a fair point on your part, but
they might ask it. I mean, you know, maybe they already have.

ELLISON: Again, the equity was fully backstopped.

FABER: David, you know, it’s going to be an interesting fight, obviously, as it stretches out conceivably, over these next few months. And we certainly
appreciate your taking time. I guess you’re going to continue to communicate, and or your team will continue to communicate the merits of your deal. Do you ever