Company: WBD
Filing Date: 2025-12-08
Form Type: DFAN14A
Source: 0001193125-25-311457
Chunk: 8

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-08
Form: DFAN14A
Chunk 8
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 net debt.

Paramount’s proposal provides more regulatory and closing certainty than Netflix’s Paramount is confident in a quick path to regulatory approvals and closing of a transaction with WBD. Netflix’s transaction has material risk of not closing. Stakeholder Concerns Paramount Netflix “If Netflix acquires Warner Bros., the streaming wars are effectively over. • Pro competition • Ends ‘streaming wars’, threatening ✓✗ Netflix would become the undisputed global powerhouse of Hollywood higher prices for viewers, fewer jobs Competition beyond even its currently lofty position” - Bank of America for creators and talent, and the end of theatrical release “Netflix would be a disaster … Sarandos has gone on record saying theatrical ✗ •✓ Creates formidable competitor to • Solidifies Netflix’s dominant Streaming films are dead … I think that’s fundamentally rotten at the core.” the dominant streaming leader position in streaming Market - Director James Cameron Netflix ✗ •✓ Maintains competitive pricing and • Single dominant platform leading to Consumer “The world’s largest streaming company swallowing one of its biggest content choices higher prices for consumers Favorability competitors is what antitrust laws were designed to prevent…This merger must be blocked” - Writers Guild of America ✓ • Committed to 30+ theatrical • Uncertainty on theatrical releases ✗ Theatrical releases and healthy traditional and windows Impacts windows “Increasing Netflix’s dominance this way would mean the end of the Golden ✓ Age of streaming for content creators and consumers…[this deal] should send • Does not face heightened scrutiny • Big Tech player faces bipartisan ✗ Big Tech alarm to antitrust enforcers around the world” - Senator Mike Lee (R) political opposition Scrutiny •✓ Expected approvals within 12 • Expected to face extensive, global ✗ “This deal is a nightmare. It would mean more price hikes, ads, & cookie Time to Close Months regulatory opposition; may take up cutter content, less creative control for artists, and lower pay for to 2+ years or be blocked outright workers.” - Congresswoman Pramila Jayapal (D) 9 Source: Wall Street Research, Press Releases.

WBD never responded to a superior and timely revised offer from Paramount that addressed all feedback th Paramount’s revised offer on December 4 addressed all feedback from WBD’s advisors on its offer st submitted December 1 WBD Feedback on Paramount’s 12/1 Offer Paramount’s Revised Offer (12/4) Increase Offer Value✓ Paramount increased its all-cash offer value by +13% to $30.00