<SEC-DOCUMENT>0001193125-25-311455.txt : 20251208
<SEC-HEADER>0001193125-25-311455.hdr.sgml : 20251208
<ACCEPTANCE-DATETIME>20251208172825
ACCESSION NUMBER:		0001193125-25-311455
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251208
DATE AS OF CHANGE:		20251208

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Warner Bros. Discovery, Inc.
		CENTRAL INDEX KEY:			0001437107
		STANDARD INDUSTRIAL CLASSIFICATION:	CABLE & OTHER PAY TELEVISION SERVICES [4841]
		ORGANIZATION NAME:           	06 Technology
		EIN:				352333914
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34177
		FILM NUMBER:		251557053

	BUSINESS ADDRESS:	
		STREET 1:		230 PARK AVENUE SOUTH
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003
		BUSINESS PHONE:		212-548-5555

	MAIL ADDRESS:	
		STREET 1:		230 PARK AVENUE SOUTH
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Discovery, Inc.
		DATE OF NAME CHANGE:	20180306

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Discovery Communications, Inc.
		DATE OF NAME CHANGE:	20080606

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Paramount Skydance Corp
		CENTRAL INDEX KEY:			0002041610
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEVISION BROADCASTING STATIONS [4833]
		ORGANIZATION NAME:           	06 Technology
		EIN:				993917985
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		1515 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-258-6000

	MAIL ADDRESS:	
		STREET 1:		1515 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	New Pluto Global, Inc.
		DATE OF NAME CHANGE:	20241017
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>d56465ddfan14a.htm
<DESCRIPTION>DFAN14A
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<DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PROXY
STATEMENT PURSUANT TO SECTION 14(a) OF THE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No.&#8195; ) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the Registrant &#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a party other than
the Registrant &#9746;</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT> </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material under <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman" ALIGN="center"><B>Warner Bros. Discovery, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Paramount Skydance Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check all boxes that apply): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Filed by Paramount Skydance Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Securities and Exchange Act of 1934, as amended </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Subject Company: Warner Bros. Discovery, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Commission File No.: <FONT STYLE="white-space:nowrap">001-34177</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Date: December&nbsp;8, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following is a
transcript of an analyst and media conference call and webcast by executives from Paramount Skydance Corporation on December&nbsp;8, 2025. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Paramount Skydance Corporation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NasdaqGS:PSKY </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>M&amp;A Call </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Monday, December 8, 2025 3:30 PM GMT </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPYRIGHT <SUP STYLE="font-size:75%; vertical-align:top">&copy;</SUP> 2025 S&amp;P Global Market Intelligence, a division of S&amp;P Global
Inc. All rights reserved.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">spglobal.com/marketintelligence</P></TD>
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<TD VALIGN="top" ALIGN="right">1</TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contents </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Table of Contents </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Call Participants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Presentation</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Question and Answer</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">8</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPYRIGHT <SUP STYLE="font-size:75%; vertical-align:top">&copy;</SUP> 2025 S&amp;P Global Market Intelligence, a division of S&amp;P Global
Inc. All rights reserved.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">spglobal.com/marketintelligence</P></TD>
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<TD VALIGN="top" ALIGN="right">2</TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PARAMOUNT SKYDANCE CORPORATION M&amp;A CALL DEC 08, 2025 </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Call Participants </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EXECUTIVES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Andrew M. Gordon </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Strategy Officer, COO&nbsp;&amp; Director </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>David
Ellison </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chairman&nbsp;&amp; CEO </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kevin
Creighton </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>EVP of Corporate Finance&nbsp;&amp; Investor </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Relations </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ANALYSTS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Benjamin Daniel Swinburne </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Morgan Stanley, Research
Division </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jessica Jean Reif Ehrlich Cohen </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>BofA Securities, Research Division </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Richard Scott
Greenfield </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>LightShed Partners, LLC </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robert S.
Fishman </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>MoffettNathanson LLC </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven Lee
Cahall </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Wells Fargo Securities, LLC, Research </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Division </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unknown Analyst </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Copyright &copy; 2025 S&amp;P Global Market Intelligence, a division of S&amp;P Global Inc. All Rights reserved.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">spglobal.com/marketintelligence</P></TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PARAMOUNT SKYDANCE CORPORATION M&amp;A CALL DEC 08, 2025 </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Presentation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good morning. My name is Nadia, and I&#8217;ll
be the conference operator today. At this time, I would like to welcome everyone to Paramount management call to discuss the launch of their <FONT STYLE="white-space:nowrap">all-cash</FONT> tender offer to acquire Warner Bros. Discovery. [Operator
Instructions] I would now like to turn the call over to Kevin Creighton, Paramount&#8217;s EVP of Investor Relations. You may now begin your conference call. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kevin Creighton </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>EVP of Corporate Finance&nbsp;&amp;
Investor Relations </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good morning, and thank you for taking the time to join us today. I&#8217;m Kevin Creighton, EVP of Corporate Finance and Investor
Relations. Joining me today is our Chairman and Chief Executive Officer; David Ellison; and our Chief Strategy and Operating Officer, Andy Gordon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a
reminder, we will be making forward-looking statements today. The forward-looking statements include statements concerning the proposed transaction between Paramount and Warner Bros. Discovery, including with respect to the expected timing, the
completion and the effects thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All forward-looking statements involve known and unknown risks, uncertainties and other factors that are difficult to
predict and which may cause Paramount&#8217;s actual results, performance or achievements to be different from any future results, performance or achievements expressed or implied by these statements. Additional information is available in our SEC
filings. Additionally, we will be posting materials to our IR website at the conclusion of this call. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With that, I&#8217;ll turn it over to David. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>David Ellison </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chairman&nbsp;&amp; CEO </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hello, everyone. Thank you all for joining us today, especially on such short notice. This morning, we advanced our proposal to acquire Warner Bros. Discovery
by filing a tender offer, and we will submit our HSR filing here in the U.S., and we are also getting ready for the regulatory processes started internationally. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consistent with the formal proposal we delivered to the Warner Bros. Discovery Board on December&nbsp;4, we are offering $30 per share, all cash fully
backstopped by my family, RedBird Capital Partners and our partners at Bank of America, Citi Bank and Apollo. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As part of our offer, the Ellison family
and RedBird would remain the majority shareholders with an owner-operator ethos and discipline. Our offer represents approximately $18&nbsp;billion in additional cash, certainty beyond Netflix&#8217;s offer, which is a cash consideration of $23.25
per share, as we offer far greater certainty, both in terms of the regulatory path and the economics of an all- cash transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On Thursday, we
submitted our fully financed superior offer, an offer that directly addressed every concern with our previous bid that they laid out, yet we did not receive a single call back. That brings us here today. We want to bring our proposal directly to WBD
shareholders to evaluate a clearly superior proposal across both economic value and regulatory certainty. And we believe they deserve that choice. We&#8217;re here to fight for value for our shareholders and for WBD shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The motivation for this effort is simple. It&#8217;s the same reason we pursued Warner Bros. Discovery from the start. We love the movie and entertainment
business. We believe deeply in its future, and we want to help preserve and strengthen it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Movies are one of America&#8217;s greatest exports, and we
want to lean into that legacy, not diminish it. By bringing together the complementary strengths of Paramount and Warner Bros. Discovery, we can unlock greater scale, reach and create a potential, telling even better stories and sharing them with a
broader global audience. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This transaction is about building more, not cutting back, more opportunity for the industry, more choice for consumers, more
value for shareholders and more support for creative talent. Our focus is on expanding creative output, not dominating the sector as Netflix envisions. Our goal is to make Hollywood stronger in a way that benefits the entire ecosystem. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PARAMOUNT SKYDANCE CORPORATION M&amp;A CALL DEC 08, 2025 </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#8217;re taking our offer directly to shareholders because they deserve transparency and the ability to
make an informed decision. Our proposal is superior to Netflix&#8217;s in every dimension, higher headline value, increased certainty in that value, greater regulatory certainty and a <FONT STYLE="white-space:nowrap">pro-Hollywood,</FONT> <FONT
STYLE="white-space:nowrap">pro-consumer</FONT> and pro competition future. We&#8217;re confident that once shareholders have the opportunity to choose for themselves, they&#8217;ll choose Paramount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now we&#8217;ll take a few minutes to talk through some slides that highlight some key points. These will be made available on the IR website at the
conclusion of this call. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As we just discussed, the proposal we put forth has superior economic value. It&#8217;s $30 per share, all cash. To
contextualize that is approximately $18&nbsp;billion more in cash than the Netflix offer. Netflix offer is also uncertain. It leaves shareholders with stock in a highly levered Global Networks business. It exposes shareholders to volatile Netflix
shares that could drive value below headline levels and has a highly uncertain regulatory outlook. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our offer at Paramount provides regulatory &#8212;
provides certainty of value, fully backstopped financing package supported by the Ellison family and RedBird and more regulatory certainty. We addressed every concern WBD raised to us in terms of increasing value, strengthening our financing and
enhanced regulatory commitments. Yet in spite of doing all of that, we received no response from WBD prior to the announcement of the Netflix deal, which is why we&#8217;re here today. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Next slide, please. Paramount&#8217;s proposal is superior across every dimension. We&#8217;re proposing a full company acquisition, not a carve- out. The
Netflix deal leaves shareholders with a highly levered declining global network stub, creating value uncertainty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For value, our offer is $30 a share,
all cash. $6.75 more per share or 29% more cash than Netflix. Including Netflix&#8217;s stock component, their total value is $27.75, still $2.25 below our offer. Even after assigning value to the global network stub, total value to WD shareholders
in the Netflix deal does not exceed $30 per share, and ours is in 100% cash. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Uncertainty, Paramount provides a cleaner regulatory path, stronger closing
protections and an expected approval timeline of 12 months, which is materially faster than Netflix&#8217;s. Paramount is also committed to broader and more comprehensive regulatory efforts to get this transaction done, a level of commitment that
goes well beyond what Netflix&#8217; offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Andy, over to you. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Andrew M. Gordon </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Strategy Officer,
COO&nbsp;&amp; Director </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. Thanks, David. It was interesting to us that neither Warner Bros. nor Netflix gave any indication as to the value of the <FONT
STYLE="white-space:nowrap">spun-off</FONT> stub. For Netflix&#8217;s proposal to exceed our $30 <FONT STYLE="white-space:nowrap">all-cash</FONT> offer, Global Networks would need to trade above 5x forward EBITDA, a level above where the nearest
competitor, Versant is expected to trade. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Using a 4.5x EBITDA multiple in line with Wall Street consensus for WBD&#8217;s Global Networks business,
Netflix mix of cash and stock equates to $28.75 per share, only $1 above their stated value offer. Across any reasonable valuation framework, our offer delivers greater value with greater certainty in all respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To further go through the analysis, we are centering the linear networks valuation of $1 per share, implying a total Netflix offer at $28.75, as I already
mentioned. Our view is anchored again on Wall Street&#8217;s consensus estimate for Global Networks of 4.5x. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wall street also values Global Networks
direct competitor, Versant, Comcast Cable Networks spinout and the closest peer to WBD&#8217;s Global Networks; at 4 to 5x forward EBITDA. Based on the global networks expected 3.5x net
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">debt-to-EBITDA</FONT></FONT> ratio and a 4.5x enterprise value multiple, one can imply there is less than 1x EBITDA of value in the business for equity holders, of roughly $1 a share.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Versant is also expected to be far better capitalized with materially lower leverage than WBD&#8217;s global networks. Their expected 1.25x net <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">debt-to-EBITDA</FONT></FONT> ratio leaves 3x EBITDA value in the business for equity holders versus 1x for Global Networks &#8212; for Warner Bros. Discovery. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It&#8217;s again, they have not disclosed how it&#8217;s valuing the stub despite its significance to the economics of the Netflix proposal. Netflix has not
only cash but two pieces of paper, their stock and WBD Global Network stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the purchase price adjustment based on leverage that can shift
between studios and streaming versus Global Networks, whereas our bridge financing will fully finance the existing bridge loan and backstops the full debt of WBD. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PARAMOUNT SKYDANCE CORPORATION M&amp;A CALL DEC 08, 2025 </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">How is it they didn&#8217;t explain the mechanism by which debt between Global Networks and studios and
streaming would be allocated to the extent that the banks and the market cannot fully finance the Global Networks business? This is a risk in the Netflix proposal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Paramount&#8217;s proposal delivers more value to WBD&#8217;s shareholders with its timeline and certainty to close, as we&#8217;ve already mentioned. Timing
matters because it directly affects the value shareholders actually receive. Netflix&#8217;s proposal is expected to take meaningfully longer to close, which reduces its present value, which is important relative to when shareholders can get their
money. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6 months of additional time to close versus Paramount&#8217;s proposal lowers the value of the cash and Netflix stock components of their offer by
roughly $1.25 per share. That&#8217;s if it&#8217;s only 6 months beyond what we&#8217;ve committed to, to close, taking it from $28.75 to about $27.50 on a present value basis. And that is again, only 6 months after when we believe our deal will
close on the outside date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There&#8217;s also additional risks tied to closing certainty in the noncash elements of Netflix proposal, including, as
I&#8217;ve already mentioned, the Global Networks value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Let&#8217;s talk about regulatory certainty, and I&#8217;ll start here, and then I&#8217;ll hand
it over to David. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Netflix&#8217;s proposal would solidify streaming domination and the end of streaming wars, combining Netflix and HBO Max would give a
43% share of all global SVOD subscribers and over 30% of U.S. subscribers. With HBO Max 125&nbsp;million subscribers and Netflix&#8217;s over 300&nbsp;million, it would be the largest streaming service platform on the planet by far, with over
400&nbsp;million subscribers and even greater number of subscribers at the planned closing, which is 2 years from today. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The deal will be harmful to the
film and TV industry, undermine creative talent, threaten higher prices for consumers and threaten the future of theatrical releases. Numerous constituencies, including the Writers Guild of America, has already issued a statement that the deal must
be blocked. Hollywood legends like James Cameron and Jane Fonda have spoken out, describing the deal as a disaster for theatrical films. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Paramount&#8217;s proposal provides vastly superior certainty and projections for WBD shareholders and the Hollywood community protections. PSKY and Warner
Bros. Discovery is <FONT STYLE="white-space:nowrap">pro-competitive</FONT> and procreative talent. It creates a more robust streaming platform to compete with the dominant tech giants like Netflix and others. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Paramount is committed to growing the film and TV output of both businesses, including a theatrical slate of <FONT STYLE="white-space:nowrap">30-plus</FONT>
theatrical releases per year. We&#8217;re going to satisfy the needs of the moviegoing public. Our proposal offers greater regulatory certainty and a faster path to the required approvals, which I&#8217;ll now turn it over to Dave. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>David Ellison </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chairman&nbsp;&amp; CEO </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Before going into that, I want to get into a little bit of the timeline as well. On December&nbsp;3, WBD provided feedback to the proposal we submitted on
December 1. Within 24 hours, we quickly submitted a revised offer addressing all of their feedback. In value, we increased our cash offer by 13% to $30 per share. On financing structure, we met their ask of having the Ellison family and RedBird
reaffirm our commitment to backstop 100% of the equity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And for clarity, the Ellison Family Trust holds well over $250&nbsp;billion in Oracle stock,
which is more than 6x the needed equity for this deal. We also offer greater regulatory certainty as the equity is fully backstopped by the Ellison family and RedBird. And the only regulatory condition that we need to satisfy is antitrust, which we
are confident we can get through. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also offer them flexibility between signing and closing. We agreed to give WBD full independence in managing their
outstanding bridge loan facility, so long as PSKY is able to refinance any new debt at par. We also committed to providing broad interim covenant flexibility based on the guidance given to us from WBD. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Despite addressing every concern, we did not receive a response to our improved and superior offer, and a deal with Netflix was announced the next day. And
we&#8217;re here because we want to bring what we believe is a far superior offer directly to shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We think the key questions WBD shareholders
should be asking are: one, did WBD thoroughly review our fully backstopped $30 per share <FONT STYLE="white-space:nowrap">all-cash</FONT> offer? If so, why did they choose Netflix&#8217;s offer with lower economic value and less certainty? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Netflix proposal leaves shareholders with stock in WBD&#8217;s Global Networks business, which is saddled with debt. How is WBD attributing value to this
equity? What supports the view that Netflix can clear regulatory hurdles in a reasonable time frame? And was the sale process fair and robust and did it serve shareholders&#8217; best interest? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And with that, I&#8217;ll open it up to questions. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PARAMOUNT SKYDANCE CORPORATION M&amp;A CALL DEC 08, 2025 </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Andrew M. Gordon </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Strategy Officer, COO&nbsp;&amp; Director </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
right. Before we jump into that, just &#8212; sorry, one second, Nadia. While we focus on the details driving us to launch the tender offer, on this call, we&#8217;ll be posting the slides to our website immediately after. And they will contain
additional certain additional forward-looking views of the proposed combination of Paramount and Warner Bros. and how we&#8217;d expect to manage the combined business as well as some financial highlights. So I just wanted to flag that. With that,
Nadia, we&#8217;ll go ahead and open it to questions, please. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PARAMOUNT SKYDANCE CORPORATION M&amp;A CALL DEC 08, 2025 </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Question and Answer </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Operator Instructions] The first question goes
to Ben Swinburne of Morgan Stanley. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Benjamin Daniel Swinburne </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Morgan Stanley, Research Division </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David, Andy, Kevin, I
guess a question on process and then one on the synergy opportunity. You&#8217;ve launched a tender at $30, I believe, today, I haven&#8217;t gone through the full docs that expires early January. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Is the expectation that you&#8217;ll be building a position in WBD or how do you think about the sort of the next several months of process as you guys move
forward? And then $6&nbsp;billion plus cost savings, David, could you talk a little bit about, or Andy, where that opportunity comes from? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As you know,
both Paramount and WBD had rounds of layoffs and cost cuts going back probably 3 years now for each of them, including a lot that you&#8217;ve laid out on Paramount&#8217;s Skydance. So where do you see such a sizable synergy opportunity across the
combined entity would be helpful for us. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Andrew M. Gordon </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Strategy Officer, COO&nbsp;&amp; Director </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ben,
it&#8217;s Andy. Let me take the structure on the tender offer. And as you know, we are going direct to shareholders with our tender offer announcement today. That tender offer will be open for 20 business days. Warner Bros. Discovery will need to
respond to our tender offer within 10 business days. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And after the 20 business days, we have the option to continue to extend that offer to keep it
outstanding for as long as it makes sense for the Warner Bros. Discovery shareholders. Beyond that, there&#8217;s nothing more to say around that particular issue. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With regard to cost savings, why don&#8217;t I take the first part, and then I&#8217;ll turn it over to David? But this deal is about synergies between two of
the largest entertainment companies in the country. And so unlike what we&#8217;ve done, which was improved efficiencies at Paramount, this is about duplicative operations across all aspects of the business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">What I would say to you is that we are very focused on maintaining the creative engines of the company, and so the costs really go to duplicative functions on
back office, finance, corporate, legal, technology, infrastructure, et cetera. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And we feel confident in our $6&nbsp;billion number after doing due
diligence extensively with Warner Bros. with the help of our outside consultants at Bain, who guided us through the Paramount process and have allowed us to deliver on our earnings call, another $1.5&nbsp;billion of efficiencies just at Paramount
alone. David? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>David Ellison </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chairman&nbsp;&amp;
CEO </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. No. I mean it&#8217;s &#8212; I mean I think Andy really obviously covered it on synergies. I mean, in regards to the process, I think
what&#8217;s important to note and why we&#8217;re here today is we do believe we submitted shareholders with a superior proposal that has roughly $18&nbsp;billion more in cash in it than the deal they signed up with Netflix. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And if you just walk through these higher process, every single offer we made had no financing conditions. And throughout the totality of the process, we
never received a single markup of the documents. And upon our last offer, which we are now taking directly to shareholders, which, by the way, we did note directly to the CEO, David Zaslav, was not best and final; we never got a response to, even
after we responded to all of their requests within a <FONT STYLE="white-space:nowrap">24-hour</FONT> period of time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And given the fact that when you
look at our $30 in cash versus their $23.25 in cash, we believe that shareholders will want the value, certainty and speed to close that we are offering, which is why we&#8217;re here today. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question goes to Robert Fishman of
MoffettNathanson. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PARAMOUNT SKYDANCE CORPORATION M&amp;A CALL DEC 08, 2025 </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Robert S. Fishman </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>MoffettNathanson LLC </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Curious, how would this Warner Bros.
Discovery deal accelerate the timing of achieving your own North Star priorities, especially when thinking about scaling your streaming strategy globally? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">How would you use or plan to use HBO and Warner Brothers content differently within Paramount+, maybe even from pricing or tiering perspective to help reflect
the premium content? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And then just a second one, if I can. Can you just talk about your confidence of ultimately winning a bidding war with Netflix, if
they feel the need to raise their bid in the future? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>David Ellison </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chairman&nbsp;&amp; CEO </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By the way, great question. And
look, as we discussed on our &#8212; obviously, on our earnings call, basically, one of our core North Star priorities is obviously getting to scale in streaming. And we believe this acquisition accelerates that core goal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Paramount+ today is 70, 79&nbsp;million global subscribers. WBD has 122&nbsp;million. When you basically dedupe that, you get to round numbers,
200&nbsp;million global subs at close, which puts us on par with Disney, but still significantly below Netflix at 310&nbsp;million or Amazon at about that number. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So again, we really view this as our deal is completely procompetitive, it&#8217;s pro creative talent, it&#8217;s pro consumer as opposed to the combination
with Netflix would give them such a scale that it would be bad for Hollywood and bad for the consumer and is anticompetitive in every way that you can fundamentally look at it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And so &#8212; and then when you talk about the offer we still have not received a response to our $30 <FONT STYLE="white-space:nowrap">all-cash</FONT> offer,
which is the most superior proposal that has been put on the table today. So until we hear back from that, that&#8217;s why we&#8217;re taking this directly to shareholders. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question goes to Steven Cahall of
Wells Fargo. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven Lee Cahall </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Wells Fargo
Securities, LLC, Research Division </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">First, just a question on how you think about the regulatory process. You talked about a Netflix proposal could
lead to streaming domination. When I look at things like Nielsen&#8217;s Gauge in total TV time, I think Paramount is a little bigger than Netflix is or pretty comparable anyway. So how do you think about the regulators looking at this market as a
streaming market versus a TV market, since that seems to kind of matter for how the different scales pan out.? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And then just on a strategic basis, you
talked about some of this consensus valuation around networks, which goes into a lot of this debate. How do you value that business? Some of your competitors in this process haven&#8217;t been interested in linear. You clearly are. So how do you
think about the opportunity in that business? Maybe how it&#8217;s complementary to yours? Or why you think maybe it&#8217;s worth more than what consensus is putting on it? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>David Ellison </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chairman&nbsp;&amp; CEO </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. So look, I appreciate the question. And look, we&#8217;ve heard this category ambiguity argument a lot. And look, I think we&#8217;ve all been doing this
long enough to where we respectfully don&#8217;t buy it. You know that a couple of things. And one is all linear is not equal, right? Broadcast is an incredibly stable business. Cable is in secular decline, being replaced by streaming, period. When
you look at category ambiguity, saying that streaming is not a market, it&#8217;s a little bit like looking at the beverage market and saying that Coke and Pepsi can merge because Budweiser is a replacement to it. It&#8217;s just &#8212; it
doesn&#8217;t make sense when you look at it, and it&#8217;s not the way regulators look at it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to that, look at it through the lens of the
creative talent community. Basically, great showrunners are not saying &#8220;I&#8217;m going to take the next Game of Thrones to TikTok or Instagram.&#8221; They take it to streaming services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And when you look at the consolidation of market share that would occur by combining Warner Bros. Discovery and Netflix, that is unprecedented market share.
And so from that standpoint, we think that, that is deeply anticompetitive. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PARAMOUNT SKYDANCE CORPORATION M&amp;A CALL DEC 08, 2025 </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And then in regards to the value of the network, we do value it at $1 a share. And when you look at the
analysis of it &#8212; and again, one of the reasons why we are so interested in it and want to acquire it is because when you put together with our linear business, there are significant synergies, as we&#8217;ve discussed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And it will also be highly cash flow generative. And we can use that cash flow to invest in our North Star principles and invest that into more movies, more
television series. So we said we want to make 30 movies a year exclusively for theatrical. We want to make more original series, invest in sports and invest in our growth businesses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And last thing I would say when you look at what the proposed combined company is, round numbers, it&#8217;s $70&nbsp;billion in revenue, very quickly getting
to [ $16&nbsp;billion ] in EBITDA and generates $10&nbsp;billion of cash flow. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Anything you want to add that? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Andrew M. Gordon </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Strategy Officer,
COO&nbsp;&amp; Director </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No, I&#8217;d just say, Steve, look, on the linear networks &#8212; our linear networks and our broadcast business combined
will actually create a much more interesting portfolio, both for our shareholders, but also for our large distributors, who still need our content to satisfy the needs of their customers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And we think that we can actually do a really good job on the synergy potential that we talked about and helping with that customer constituency and have
confidence now that we&#8217;ve owned the business for a bit and understanding what we can do with those brands. And let&#8217;s be clear, Global Networks has some really great brands. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question goes to Jessica Reif Ehrlich
Cohen of Bank of America Securities. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jessica Jean Reif Ehrlich Cohen </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>BofA Securities, Research Division </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I guess one question
on valuation. When you think about the &#8212; it&#8217;s success, like how &#8212; the money that&#8217;s raised to finance the &#8212; can you just talk about how that equity &#8212; like what value &#8212; how much equity will be raised &#8212;
how much is equity? How much is that? And how you value and what value goes in? Like what &#8212; help us think through the dilution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And secondly, the
&#8212; in an event that the Warner Bros. Discovery shareholders reject your proposal, what is Plan B for your future growth? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Andrew M. Gordon
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Strategy Officer, COO&nbsp;&amp; Director </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. Jessica, it&#8217;s Andy Gordon. Let me address sort of the sources of capital. I wanted to &#8212; so you understand it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So we&#8217;re committing over $41&nbsp;billion of equity from RedBird and the Ellison&#8217;s family is backstopped, including our partners. We have
$54&nbsp;billion in committed debt. Of the debt, approximately $17&nbsp;billion is reserved to take out and extend the bridge that Warner Bros. Discovery has to date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The equity account will be priced based on a fair market metric that our special committee has been setting for the last 3 weeks, and we&#8217;ll guide to
make sure that all shareholders have the opportunity to invest alongside of us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With regard to Plan B, I&#8217;m going to turn it over to David to
address that. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>David Ellison </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chairman&nbsp;&amp;
CEO </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. Again, as we said on our earnings call, we absolutely believe in our stand-alone plan and all of our North Star principles. But the reason
why we&#8217;re here today is because we believe that we put a superior offer on the table for Warner Bros. Discovery. $30 a share, all cash, exact numbers, $17.6&nbsp;billion more cash and is currently being offered in the Netflix deal; we never
got a response to that offer, and so we&#8217;re taking it directly to shareholders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question goes to Richard Greenfield of LightShed Partners. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PARAMOUNT SKYDANCE CORPORATION M&amp;A CALL DEC 08, 2025 </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Richard Scott Greenfield </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>LightShed Partners, LLC </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It&#8217;s one or two parts.
You&#8217;re raising about $40&nbsp;billion of, I believe, of Paramount equity to finance this. It sounds like forgetting about the backstop, but just what you&#8217;re actually raising. It sounds like about $40&nbsp;billion of Paramount equity. It
seems like $20&nbsp;billion &#8212; sorry, $12&nbsp;billion from the Ellison, $24&nbsp;billion from the Middle East and the rest from RedBird and [ Affinity ]. Assuming I have that right, what will the leverage on the combined Paramount, Warner
Bros. entity be? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And then just tied to this, in the filing, I see very clearly you&#8217;re saying there&#8217;s no CFIUS concerns since Abu Dhabi, Qatar
and the Saudis are foregoing any governance on their equity checks. Just wondering if you could give us any color on why they&#8217;re investing so much with no governance, right? Like what&#8217;s the &#8212; is there any rationale you can provide?
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Andrew M. Gordon </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Strategy Officer,
COO&nbsp;&amp; Director </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rich, it&#8217;s Andy. Let me deal on the net debt. Look, we expect that at closing, how the agencies will look at our pro
forma capital structure will lead them to an investment-grade rating based on our deleveraging over a <FONT STYLE="white-space:nowrap">2-year</FONT> period post close. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So we will be below, call it, at closing with accounting for synergies around 4x. And we&#8217;ll delever quickly to below 3x and almost 2x over the convening
2 years to 2.5 years. So that&#8217;s where we are on leverage. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>David Ellison </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chairman&nbsp;&amp; CEO </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. And Rich, when you look at
this from &#8212; again, I want to speak to this now as actually the largest equity holder Paramount Class&nbsp;Bs. And also as we will be the largest shareholder in the combined company. And when you look at this transaction, and basically the
industrial logic of this, by putting Paramount&#8217;s content engine and Warner Bros. Discovery content engine together, you create a phenomenal IP portfolio that is competitive with Disney, which is truly <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">best-in-class.</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You immediately get to scale in terms of our streaming business at, round numbers,
200&nbsp;million global subscribers. And you have a significant linear portfolio with significant synergies that will be highly cash flow generative. And when you look at that from a returns perspective, it&#8217;s incredibly attractive to &#8212;
obviously, to all shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And from that standpoint, I think that&#8217;s why our partners obviously are here, is when you look at the returns, this
is a good thing for our business. It&#8217;s obviously why we&#8217;re advocating for it so strongly here today. And that&#8217;s &#8212; I think that&#8217;s the lens that they&#8217;re incredibly sophisticated investors. They&#8217;ll look at it
through the lens all investors do, which is how do they maximize value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And one of the things that we always look at as the largest investor in this
business is we are shoulder to shoulder with shareholders looking to maximize value for everybody involved in our company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The final question goes to Peter Supino of Wolfe Research. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unknown Analyst </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This is Logan [ Angress ] on for Peter.
Just one question for me. While it&#8217;s clear you want the entire asset, it seems a lot of the $6&nbsp;billion synergy target is probably coming from the linear network side. I&#8217;m curious, in a world where your offer for all of Warner Bros.
Discovery doesn&#8217;t work out, would you be interested in acquiring just the global linear networks stub? Or is it all or nothing when it comes to your Warner Bros. Discovery offer? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>David Ellison </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chairman&nbsp;&amp; CEO </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Look, Peter, (sic) [ Logan ], I appreciate the question. Look, we put forth &#8212; what we&#8217;re interested in is the proposal we put forth, which was to
acquire 100% of Warner Bros. Discovery at $30 a share in cash. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kevin Creighton </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>EVP of Corporate Finance&nbsp;&amp; Investor Relations </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All right. With that, thank you, Nadia, and thank you all for joining. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PARAMOUNT SKYDANCE CORPORATION M&amp;A CALL DEC 08, 2025 </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>David Ellison </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chairman&nbsp;&amp; CEO </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Andrew M. Gordon </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Strategy Officer,
COO&nbsp;&amp; Director </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. This now concludes today&#8217;s call. Thank you all for joining, and you may now disconnect your lines. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Note Regarding Forward-Looking Statements </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication contains both historical and forward-looking statements, including statements related to Paramount&#8217;s future financial results and
performance, potential achievements, anticipated reporting segments and industry changes and developments. All statements that are not statements of historical fact are, or may be deemed to be, &#8220;forward-looking statements&#8221;. Similarly,
statements that describe Paramount&#8217;s objectives, plans or goals are or may be forward-looking statements. These forward-looking statements reflect Paramount&#8217;s current expectations concerning future results and events; generally can be
identified by the use of statements that include phrases such as &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;foresee,&#8221; &#8220;likely,&#8221; &#8220;will,&#8221;
&#8220;may,&#8221; &#8220;could,&#8221; &#8220;estimate&#8221; or other similar words or phrases; and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause Paramount&#8217;s actual
results, performance or achievements to be different from any future results, performance or achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others:&nbsp;the outcome of the tender
offer by Paramount and Prince Sub Inc. (the &#8220;Tender Offer&#8221;) to purchase for cash all of the outstanding Series A common stock of WBD or any discussions between Paramount and WBD with respect to a possible transaction (including, without
limitation, by means of the Tender Offer, the &#8220;Potential Transaction&#8221;), including the possibility that the Tender Offer will not be successful, that the parties will not agree to pursue a business combination transaction or that the
terms of any such transaction will be materially different from those described herein, the conditions to the completion of the Potential Transaction or the previously announced transaction between Warner Bros. and Netflix Inc.
(&#8220;Netflix&#8221;) pursuant to the Agreement and Plan of Merger, dated December 4, 2025, among Netflix, Nightingale Sub, Inc., Warner Bros. and New Topco 25, Inc. (the &#8220;Proposed Netflix Transaction&#8221;), including the receipt of any
required stockholder and regulatory approvals for either transaction, the proposed financing for the Potential Transaction, the indebtedness Paramount expects to incur in connection with the Potential Transaction and the total indebtedness of the
combined companies, the possibility that Paramount may be unable to achieve expected synergies and operating efficiencies within the expected timeframes or at all and to successfully integrate the operations of WBD with those of Paramount, and the
possibility that such integration may be more difficult, time-consuming or costly than expected or that operating costs and business disruption (including, without limitation, disruptions in relationships with employees, customers or suppliers) may
be greater than expected in connection with the Potential Transaction; risks related to Paramount&#8217;s streaming business; the adverse impact on Paramount&#8217;s advertising revenues as a result of changes in consumer behavior, advertising
market conditions and deficiencies in audience measurement; risks related to operating in highly competitive and dynamic industries, including cost increases; the unpredictable nature of consumer behavior, as well as evolving technologies and
distribution models; risks related to Paramount&#8217;s decisions to make investments in new businesses, products, services and technologies, and the evolution of Paramount&#8217;s business strategy; the potential for loss of carriage or other
reduction in or the impact of negotiations for the distribution of Paramount&#8217;s content; damage to Paramount&#8217;s reputation or brands; losses due to asset impairment charges for goodwill, intangible assets, FCC licenses and content;
liabilities related to discontinued operations and former businesses; increasing scrutiny of, and evolving expectations for, sustainability initiatives; evolving business continuity, cybersecurity, privacy and data protection and similar risks;
content infringement; domestic and global political, economic and regulatory factors affecting Paramount&#8217;s businesses generally, including tariffs and other changes in trade policies; the inability to hire or retain key employees or secure
creative talent; disruptions to Paramount&#8217;s operations as a result of labor disputes; the risks and costs associated with the integration of, and Paramount&#8217;s ability to integrate, the businesses of Paramount Global and Skydance Media,
LLC successfully and to achieve anticipated synergies; volatility in the prices of Paramount&#8217;s Class B Common Stock; potential conflicts of interest arising from Paramount&#8217;s ownership structure with a controlling stockholder; and other
factors described in Paramount&#8217;s news releases and filings with the Securities and Exchange Commission (the &#8220;SEC&#8221;), including but not limited to Paramount&#8217;s most recent Annual Report on Form 10-K and Paramount&#8217;s reports
on Form 10-Q and Form 8-K. There may be additional risks, uncertainties and factors that Paramount does not currently view as material or that are not necessarily known. The forward-looking statements included in this communication are made only as
of the date of this report, and Paramount does not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances. <B></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Information </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication does not
constitute an offer to buy or a solicitation of an offer to sell securities. This communication relates to a proposal that Paramount has made for an acquisition of WBD and the Tender Offer that Paramount, through Prince Sub Inc., its wholly owned
subsidiary, has made to WBD stockholders. The Tender Offer is being made pursuant to a tender offer statement on Schedule TO (including the offer to purchase, the letter of transmittal and other related offer documents), filed with the SEC on
December 8, 2025. These materials, as may be amended from time to time, contain important information, including the terms and conditions of the offer. Subject to future developments, Paramount (and, if a negotiated transaction is agreed, WBD) may
file additional documents with the SEC. This communication is not a substitute for any proxy statement, tender offer statement, or other document Paramount and/or WBD may file with the SEC in connection with the proposed transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investors and security holders of WBD are urged to read the tender offer statement(s) (including the offer to purchase, the letter of transmittal and other
related offer documents), and any other documents filed with the SEC carefully in their entirety if and when they become available as they will contain important information about the proposed transaction. Any definitive proxy statement(s) (if and
when available) will be mailed to stockholders of WBD. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Paramount through the website maintained by
the SEC at&nbsp;http://www.sec.gov. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings
that may be made with the SEC. Nonetheless, Paramount and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies against the Proposed Netflix Transaction.
You can find information about Paramount&#8217;s executive officers and directors in Paramount&#8217;s Current Reports on Form 8-K filed with the SEC on August 7, 2025, and September 16, 2025, and Paramount&#8217;s Quarterly Report on Form 10-Q
filed with the SEC on November 10, 2025. Additional information regarding the interests of such potential participants will be included in one or more proxy statements or other documents filed with the SEC if and when they become available. These
documents (if and when available) may be obtained free of charge from the SEC&#8217;s website at&nbsp;http://www.sec.gov. </P>
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