<SEC-DOCUMENT>0001193125-25-322838.txt : 20251217
<SEC-HEADER>0001193125-25-322838.hdr.sgml : 20251217
<ACCEPTANCE-DATETIME>20251217163227
ACCESSION NUMBER:		0001193125-25-322838
CONFORMED SUBMISSION TYPE:	SC 14D9/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251217
DATE AS OF CHANGE:		20251217

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:		SC 14D9/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-84211
		FILM NUMBER:		251579742

	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:			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:		SC 14D9/A

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 14D9/A
<SEQUENCE>1
<FILENAME>d40544dsc14d9a.htm
<DESCRIPTION>SC 14D9/A
<TEXT>
<HTML><HEAD>
<TITLE>SC 14D9/A</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
<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:4pt; 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, D.C. 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 <FONT STYLE="white-space:nowrap">14D-9</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Rule <FONT STYLE="white-space:nowrap">14d-101)</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SOLICITATION/RECOMMENDATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNDER SECTION 14(d)(4) OF THE 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.&nbsp;1) </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:24pt; 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 Subject Company) </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:24pt; 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 Persons Filing Statement) </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" ALIGN="center"><B>Series A Common Stock, $0.01 par value per share </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Title of Class</B><I></I><B>&nbsp;of Securities) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>934423104 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(CUSIP Number
of Class</B><I></I><B>&nbsp;of Securities) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Priya Aiyar </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chief Legal Officer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; 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>230 Park Avenue South </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York, New York 10003 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(212) <FONT STYLE="white-space:nowrap">548-5555</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, address, and telephone number of persons authorized to receive notices </B><I>and</I><B> </B><I>communications</I><B> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>on behalf of the person filing statement) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Copies to: </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Jonathan E. Levitsky</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Andrew J. Nussbaum</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Gordon S. Moodie</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Karessa L. Cain</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Katherine D. Taylor</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Hannah Clark</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Erik J. Andren</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Wachtell, Lipton, Rosen&nbsp;&amp; Katz</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Debevoise&nbsp;&amp; Plimpton LLP</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>51 West 52nd Street</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>66 Hudson Boulevard</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>New York, New York 10019</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>New York, New York 10001</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(212) <FONT STYLE="white-space:nowrap">403-1000</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(212)&nbsp;909-6000</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <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="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">Check the box if the filing relates solely to preliminary communications made before the commencement of a
tender offer. </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;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;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Amendment No.&nbsp;1 (&#8220;<B>Amendment No.</B><B></B><B>&nbsp;1</B>&#8221;) to Schedule <FONT
STYLE="white-space:nowrap">14D-9</FONT> amends and supplements the Solicitation/Recommendation Statement on Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> (as amended from time to time, the &#8220;<B>Statement</B>&#8221;) originally filed by
Warner Bros. Discovery, Inc. (&#8220;<B>WBD</B>&#8221;), with the Securities and Exchange Commission on December&nbsp;17, 2025, relating to the unsolicited offer by Prince Sub Inc., a Delaware corporation and a direct wholly-owned subsidiary of
Paramount Skydance Corporation, a Delaware corporation (&#8220;<B>PSKY</B>&#8221;), to purchase all of the outstanding shares of WBD&#8217;s Series A common stock, par value $0.01 per share, other than shares held in treasury by WBD or owned by PSKY
or any of its wholly-owned subsidiaries, at $30.00 per share, net to the seller in cash, without interest and less any required withholding taxes, on the terms and subject to the conditions set forth in the Offer to Purchase, dated December&nbsp;8,
2025 (as amended or supplemented from time to time, the &#8220;<B>Offer to Purchase</B>&#8221;), and the related letter of transmittal that accompanies the Offer to Purchase. This Amendment No.&nbsp;1 is being filed to reflect certain updates as
reflected below. </P> <P STYLE="font-size:18pt;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="10%" VALIGN="top" ALIGN="left"><B>Item&#8201;9.</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>Exhibits </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Item 9 of the Statement is hereby amended and supplemented by adding the following exhibits: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(a)(2)(D)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d40544dex99a2d.htm">Transcript of CNBC Squawk Box Interview of Samuel A. Di Piazza, Jr., dated December&nbsp;17, 2025. </A></TD></TR>
</TABLE>
 <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" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in
this statement is true, complete and correct. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: December&nbsp;17, 2025 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Warner Bros. Discovery, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Priya Aiyar</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Priya Aiyar</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Legal Officer</TD></TR>
</TABLE></DIV>
</DIV></Center>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(2)(D)
<SEQUENCE>2
<FILENAME>d40544dex99a2d.htm
<DESCRIPTION>EX-99.(A)(2)(D)
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.(a)(2)(D)</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
<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" ALIGN="right"><B>Exhibit (a)(2)(D) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Squawk Box &#8211;
Sam di Piazza Interview Transcript &#8211; 12.17.25 </B></P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> Sam, thanks for coming down. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI
PIAZZA:</B> Thank you. David. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> Samuel di Piazza is the chairman of Warner Brothers, of course, leads the board of directors.
We&#8217;re going through the filing right now. It&#8217;s quite voluminous. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> It is. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> But we were talking &#8211; I guess I want to start on really, what is Becky&#8217;s question as well, which is around this financing
question, if I could term it that way, that the board had. Can you explain why you would not trust that one of the richest men in the world would not be there when asked to provide the financing for the deal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> Well, first again, thank you for having us here to tell our story. Let&#8217;s begin with the fact that Netflix made a compelling offer.
It was heavy in cash, certainty of close, a high termination fee. It had all, and they responded to the to the operating issues that we were concerned about. PSKY had every opportunity to deal with that broad range of issues, and they chose not to.
And ultimately, the equity stack is always important here, and to be very direct, nowhere in any of these proposals, did Larry Ellison guarantee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> And that could have potentially changed the board&#8217;s decision? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> Well, obviously, the ability to deal directly with Larry if there was an issue to close would be critical. Otherwise, closing might not
happen. And some of the proposals, and you&#8217;ve read them now, some of the proposals gave multiple ways for that equity stack to disappear. Now, he guaranteed it through a revocable trust at the last minute, and frankly, that wasn&#8217;t as
good as an investment grade company that purported strong value, great response to our concerns of what it took to operate. So, I have enormous respect, as does the board, for the Ellison family and for the Paramount Company. They just didn&#8217;t
measure up on these bids. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> Because, you know, when many investors look at it, and obviously, I&#8217;ve talked to many of them, as you
might imagine, they don&#8217;t see it the same way. I&#8217;m sure you&#8217;re hearing from them, to a certain extent, they see it as, &#8220;wait a second, I got 30 bucks a share in cash from one of the richest men in the world. He&#8217;s saying
he backstops it. The financing on the bank side seems to be there.&#8221; Then, I think it was Wells Fargo, Apollo, and 30 bucks a share with what they feel is more certainty around anti-trust, that it is a quicker and easier approval process. And
they simply say again, well, wait, you&#8217;re talking about what? The possibility that he&#8217;s going to empty his trust at some point and run away from this? I mean, they don&#8217;t quite follow. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> Well, our shareholders are thrilled at this point. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> Well, they have to be very happy. We&#8217;re looking &#8211; by the way &#8211; take a look at that, Sam, that&#8217;ll make you happy
too, that chart. Yeah, no doubt. Although, before they came, before Paramount came, nobody was happy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> But we&#8217;ve been at this
journey for three and a half years. <FONT STYLE="white-space:nowrap">De-levering</FONT> the company, and we knew there had to be change. That&#8217;s why we announced the spin. And so, when Paramount showed up, it became an active process. What is
said on your show? You had David Ellison here, what said there? What&#8217;s said, in the Wall Street Journal are nice to hear. What&#8217;s important is what&#8217;s on the paper. And now, I think, given our release this morning, our investors can
look and see why did we decide that we were not confident that one of the richest people in the world would be there at closing. Doing a deal is great &#8211; closing a deal is better. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER: </B>It is without a doubt. They say they were disadvantaged in part throughout the process,
they put this letter in there as well, claiming that you and the board were not giving them the consideration you should have. What&#8217;s your response? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA: </B>Nothing further from the truth. And again, look at the way we responded in our release today: dozens and dozens and dozens of meetings
with all the bidders. The PSKY team had hundreds of people visiting with us, and after each of their proposals, six, this is the response to the seventh. After each of their proposals, we told them, as we did the other bidders, what you needed to do
to reach our expectation. They chose not to. And in the end, the board&#8217;s responsibility is to take the highest value, considering the risk and the other implications. We think that Netflix is compelling. And so it was really, David, it
wasn&#8217;t really a hard choice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> It wasn&#8217;t a hard choice? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> No. Not at the end, it was not a hard choice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> Really? I mean, $30 bucks versus $28.75 is not a hard choice? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> $27.75. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER: </B>Excuse me,
$27.75. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> But it also includes &#8211; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER: </B>$23.25 in cash &#8211; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI
PIAZZA:</B> And Discovery Global, which has two factors. It not only has the factor of its value, and that&#8217;s what you guys have all been focused on. Analysts said, $3, $4, $5, the market will ultimately decide. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER: </B>On the Global Networks piece, yes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM
DI PIAZZA:</B> But it also included the ability to separate it, and if the Paramount deal didn&#8217;t close and we would have claims to PSKY, which is a great company, but it&#8217;s a $15&nbsp;billion market cap company. We weren&#8217;t going to
get out of that. We&#8217;d still be owning the networks combined with streaming and studio, and we just don&#8217;t think that that was a risk worth taking. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER: </B>Did the board have full access to all the information in real time that it needed? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> Every step of the way. Dozens, I mean, when I read the litany of meetings, I was actually fatigued just to have read what we went
through. The board saw all the proposals, all the documents. Once we got to the binding stage, the board went very deep. And in the interim stage, we had a small group of board members that were helping the advisors focus on the right kinds of
issues. I was talking to the board members every day. So dozens and dozens of calls to board members. So, no, this was transparent. It was <FONT STYLE="white-space:nowrap">board-led.</FONT> It was robust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER: </B>It was <FONT STYLE="white-space:nowrap">board-led.</FONT> Because that&#8217;s also a key question, which is, how involved was David
Zaslav? Obviously, CEO. He&#8217;s going to be involved, there&#8217;s no doubt about that. But there had been a perception, I don&#8217;t believe it was necessarily correct, that somehow he was trying to secure himself a situation that would be
most favorable for him. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> Yeah, nothing further from the truth, and that&#8217;s the board&#8217;s responsibility. We&#8217;re not
representing David, we&#8217;re representing our investors. And so we&#8217;re looking for the ways to get the best value for our investors. If a bidder wants to hire David, that&#8217;s their business, but it can&#8217;t come at the cost of an
investor. And so no, there were no thumbs on the scale on this one, and we were, we would have been very happy to do a PSKY deal. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> And would you still be? Let&#8217;s say that they address the concerns that you&#8217;ve
raised in this <FONT STYLE="white-space:nowrap">14-D9,</FONT> that Larry Ellison says, all right, you&#8217;ve got my personal guarantee, whatever that may mean or not mean, and they raised their bid. Would it be enough for the board to say
&#8220;all right, guys, we deem that potentially superior&#8221;? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> The board has shown through this entire process, even in
announcing the spin and doing the bridge and all of that, that we will listen to, whatever is presented to us, not in your show, but in writing. But at this point, I&#8217;m not going to speculate what they might do. I will say the equity is
important, but there&#8217;s a lot of other things. We have a bridge loan to finance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> You do. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> And if we don&#8217;t finance it, we get in real trouble. And the PSKY deal, read it. It&#8217;s short in that space, and we told them
that over and over again. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> They say, &#8220;Hey, you didn&#8217;t even respond our last proposal. You didn&#8217;t respond to our last
proposal. We didn&#8217;t even tell you it wasn&#8217;t best and final.&#8221; How do you respond to that? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> We told all the bidders
on that Monday to submit their best shot. We didn&#8217;t say best and final &#8211; we said, submit your best shot, and we have no obligation to come back and renegotiate it. That was the proposal that had a seven-stack equity group and the CFIUS
issues. Those things popped up. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> So it kind of went away. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> It did go away before the final, and the final shows up shortly before the board goes into session. We had to make a choice for our
investors. We think these are incredible assets, and they need to have the right home, but our investors need to get the best value. And over the course of those days, it was clear to the board that the Netflix proposal was compelling. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> Finally, just, you know, anti-trust risk is similar? I mean, really? People, the Board believes there&#8217;s not a material difference?
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> Either of these deals can get done. Both of these deals will have to fight their way through the DOJ. And so, as is always the case
&#8211; I was on the AT&amp;T board when AT&amp;T did the deal &#8211; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> To acquire Warner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> Right. And so, and we&#8217;re going to see a familiar face in that process. Each of these deals will have their challenges, but merging
studios, merging streamers, they all have issues, but we think they&#8217;re both highly likely to get &#8211; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> You do? Despite what
might be the President&#8217;s potential opposition to one. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> You know, I&#8217;m not gonna go there. I have enormous respect for
President Trump. We were following the law. We&#8217;re following the President. We think either of these deals will get done, I think introducing CFIUS and FCC in the Paramount deal, which they did for a while, and then they began to move away from
it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> Yes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> That
only complicated it. Netflix is clean, a direct path to closure, and it&#8217;s highly cash. It&#8217;s a great company. They will let us operate. They&#8217;ll let us spin the Discovery Global. It was a compelling offer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> When are you going have a shareholder vote to tell us about? </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> We haven&#8217;t set the date. We want to get through a few of these issues first, but
it&#8217;ll be in the spring, sometime. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> In the spring. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> Spring or early summer, but it&#8217;ll be as soon as we can get to it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> You&#8217;re going to be getting a sense from your shareholders prior to that as to vote. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> Yeah, and, we hear from a lot of shareholders. And our shareholders are very pleased that we&#8217;re representing them. We&#8217;re not
representing anything else. So they are, they&#8217;re very encouraged by the fact of what we&#8217;ve done to this point. They want to see us to have a deal that brings in value, considers risk and cost, and can get closed, right? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> No, understood. It comes back to where we started. Sam, certainly appreciate you taking the time here. Obviously we&#8217;ll be following
this one closely, perhaps speak again prior to that <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">yet-to-be-set</FONT></FONT></FONT> shareholder vote. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAM DI PIAZZA:</B> Happy to do it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAVID FABER:</B> Sam
di Piazza, the Chairman of Warner Brothers, Discovery. Becky, send it back to you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[&#133;] </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Information about the Tender Offer and Where to Find It </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WBD has filed a solicitation/recommendation statement on Schedule <FONT STYLE="white-space:nowrap">14D-9</FONT> with respect to the tender
offer (the &#8220;tender offer&#8221;) by a subsidiary of Paramount Skydance Corporation (&#8220;PSKY&#8221;) with the Securities and Exchange Commission (the &#8220;SEC&#8221;). INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ ALL RELEVANT
DOCUMENTS FILED WITH THE SEC, INCLUDING THE SOLICITATION /RECOMMENDATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TENDER OFFER. Investors and security holders
may obtain free copies of the solicitation/recommendation statement as well as other filings by WBD, without charge, at the SEC&#8217;s website, https://www.sec.gov. In addition, free copies of documents filed with the SEC by WBD will be made
available free of charge on WBD&#8217;s investor relations website at https://www.ir.wbd.com. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Information about the Transaction and Where to
Find It </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a
solicitation of any vote or approval. This communication may be deemed to be solicitation material in respect of the proposed transaction between WBD and Netflix (the &#8220;proposed transaction&#8221;). In connection with the proposed transaction,
Netflix intends to file a registration statement on Form <FONT STYLE="white-space:nowrap">S-4,</FONT> containing a proxy statement/prospectus, with the SEC and WBD intends to file a proxy statement with the SEC. WBD also intends to file a
registration statement for a newly formed subsidiary (&#8220;Discovery Global&#8221;), which is contemplated to own certain assets and businesses of WBD not being acquired by Netflix in connection with the proposed transaction. INVESTORS AND
SECURITY HOLDERS ARE ADVISED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE REGISTRATION STATEMENTS, PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the registration statements and proxy statement/prospectus (when available) as well as other filings containing information
about WBD and Netflix, without charge, at the SEC&#8217;s website, https://www.sec.gov. Free copies of the registration statements and proxy statement/prospectus, once available, and each company&#8217;s other filings with the SEC may also be
obtained from the respective companies. Free copies of documents filed with the SEC by WBD will be made available on WBD&#8217;s investor relations website at https://ir.wbd.com. Free copies of documents filed with the SEC by Netflix will be made
available on Netflix&#8217;s investor relations website at https://ir.netflix.net. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants in the Solicitation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WBD and Netflix and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of
proxies in respect of the proposed transaction. Information about the directors and executive officers of WBD is set forth in its Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2024, under the
heading &#8220;Executive Officers of Warner Bros. Discovery, Inc.,&#8221; and its definitive proxy statement filed with the SEC on April&nbsp;23, 2025, under the heading &#8220;Proposal 1: Election of Directors.&#8221; Information about the
directors and executive officers of Netflix is set forth in its definitive proxy statement filed with the SEC on April&nbsp;17, 2025, under the headings &#8220;Our Board of Directors&#8221; and &#8220;Our Company Executive Officers.&#8221; Investors
may obtain additional information regarding the interests of such participants by reading the registration statements, proxy statement/prospectus and other relevant materials regarding the proposed transaction when they become available. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Information
set forth in this communication, including financial estimates and statements as to the expected timing, completion and effects of the proposed transaction between WBD and Netflix, constitute forward-looking statements within the meaning of the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. These estimates and statements are subject to risks and uncertainties, and actual results might differ materially. Such estimates and statements include, but are not limited
to, statements about the benefits of the proposed transaction, including future financial and operating results, the combined company&#8217;s plans, objectives, expectations and intentions, statements about the tender offer and other statements that
are not historical facts. Such statements are based upon the current beliefs and expectations of the management of WBD and Netflix and are subject to significant risks and uncertainties outside of our control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the
following: (1)&nbsp;the completion of the proposed transaction may not occur on the anticipated terms and timing or at all; (2)&nbsp;the occurrence of any event, change or other circumstances that could give rise to the termination of the proposed
transaction; (3)&nbsp;the risk that WBD stockholders may not approve the proposed transaction; (4)&nbsp;the risk that the necessary regulatory approvals for the proposed transaction may not be obtained or may be obtained subject to conditions that
are not anticipated; (5)&nbsp;risks that any of the closing conditions to the proposed transaction may not be satisfied in a timely manner; (6)&nbsp;the final allocation of indebtedness between WBD and Discovery Global in connection with the
separation could cause a reduction to the consideration for the proposed transaction; (7)&nbsp;risks related to potential litigation brought in connection with the proposed transaction; (8)&nbsp;the risk that the integration of the businesses will
be more difficult, time consuming or costly than expected; (9)&nbsp;risks related to financial community and rating agency perceptions of each of WBD and Netflix and their businesses, operations, financial conditions and the industries in which they
operate; (10)&nbsp;risks related to disruption of management time from ongoing business operations due to the proposed transaction; (11)&nbsp;failure to realize the benefits expected from the proposed transaction; (12)&nbsp;effects of the
announcement, pendency or completion of the proposed transaction on the ability of WBD and Netflix to retain customers and retain and hire key personnel and maintain relationships with their suppliers, and on their operating results and businesses
generally; (13)&nbsp;risks associated with third party contracts containing consent and/or other provisions that may be triggered by the proposed transaction; (14)&nbsp;negative effects of the announcement or the consummation of the proposed
transaction on the market price of WBD and/or Netflix common stock; (15)&nbsp;risks relating to the value of the shares of Netflix common stock to be issued in the proposed transaction and uncertainty as to the long-term value of Netflix common
stock; (16)&nbsp;the potential impact of unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition and losses on the future prospects, business and
management strategies for the management, expansion and growth of Netflix&#8217;s operations after the consummation of the proposed transaction, and on the other conditions to the completion of the proposed transaction; (17)&nbsp;risks related to
the potential impact of general economic, political and market factors on the companies or the proposed </P>
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transaction; (18)&nbsp;the risk that Discovery Global, as a new company that currently has no credit rating, will not have access to the capital markets on acceptable terms; (19)&nbsp;the risk
that Discovery Global may be unable to achieve some or all of the benefits that WBD expects Discovery Global to achieve as an independent, publicly-traded company; (20)&nbsp;the risk that Discovery Global may be more susceptible to market
fluctuations and other adverse events than it would have otherwise been while still a part of WBD; (21)&nbsp;the risk that Discovery Global will incur significant indebtedness in connection with the separation, and the degree to which it will be
leveraged following completion of the separation may materially and adversely affect its business, financial condition and results of operations; (22)&nbsp;the ability to obtain or consummate financing or refinancing related to the proposed
transaction or the separation upon acceptable terms or at all; (23)&nbsp;uncertainties as to how many WBD stockholders will tender their shares in the tender offer; (24)&nbsp;the conditions to the completion of the tender offer, including the
receipt of any required stockholder and regulatory approvals; (25)&nbsp;PSKY&#8217;s ability to finance the tender offer and the indebtedness PSKY expects to incur in connection with the tender offer; (26)&nbsp;the possibility that PSKY may be
unable to achieve expected synergies and operating efficiencies within the expected timeframes or at all and to successfully integrate PSKY&#8217;s operations with those of PSKY, 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 tender
offer; and (27)&nbsp;the response of WBD, Netflix or PSKY management to any of the aforementioned factors. Discussions of additional risks and uncertainties are contained in WBD&#8217;s and Netflix&#8217;s filings with the SEC, including their
Annual Reports on Form <FONT STYLE="white-space:nowrap">10-K</FONT> and Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> and will be contained in the Form <FONT STYLE="white-space:nowrap">S-4,</FONT> containing a proxy
statement/prospectus, to be filed by Netflix in connection with the proposed transaction and the registration statement to be filed by Discovery Global in connection with the separation. Neither WBD nor Netflix is under any obligation, and each
expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events, or otherwise. Persons
reading this announcement are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. </P>
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