<SEC-DOCUMENT>0001104659-26-016550.txt : 20260217
<SEC-HEADER>0001104659-26-016550.hdr.sgml : 20260217
<ACCEPTANCE-DATETIME>20260217170010
ACCESSION NUMBER:		0001104659-26-016550
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20260217
DATE AS OF CHANGE:		20260217

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:		26643217

	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
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY STATEMENT PURSUANT TO SECTION&nbsp;14(a)&nbsp;OF
THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No.&nbsp;)</B></P>

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    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
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    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
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    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material under &sect;240.14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Warner Bros. Discovery,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Paramount Skydance Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Person(s)&nbsp;Filing Proxy Statement,
if other than the Registrant)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check all boxes that apply):</P>

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    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials</FONT></TD></TR>
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    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table in exhibit required by Item 25(b)&nbsp;per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and 0-11</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: right">Filed by Paramount Skydance Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: right">Pursuant to Rule 14a-12 under the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: right">Securities and Exchange Act of 1934, as
amended</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: right">Subject Company: Warner Bros. Discovery,
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: right">Commission File No.: 001-34177</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: right">Date: February 17, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a press release issued by Paramount Skydance Corporation,
dated February 17, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PARAMOUNT COMMENTS ON WARNER BROS. DISCOVERY
DISCLOSURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Los Angeles and New York, February 17, 2026</B> &ndash; Paramount
Skydance Corporation (NASDAQ: PSKY) (&ldquo;Paramount&rdquo;) today provided the following statement in regards to disclosures by Warner
Bros. Discovery, Inc. (NASDAQ: WBD) (&ldquo;WBD&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Paramount acknowledges the announcement from Warner Bros. Discovery
that, acting with Netflix, they have decided to provide Paramount a 7-day &ldquo;waiver&rdquo; for negotiation. In doing so, the WBD Board
has chosen to avoid making the customary determination under the Netflix merger agreement that Paramount's superior $30 per share all-cash
offer &quot;could reasonably be expected to result in&quot; a superior proposal, which would have given it an unfettered right to negotiate
without a time deadline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board has also elected to proceed with convening its special shareholder
meeting on March 20 to seek approval of the Netflix merger and has commenced mailing its proxy materials, which state that the range of
merger consideration offered to WBD shareholders will be a minimum of $21.23 to a maximum of $27.75.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By contrast, Paramount already offers a higher value of $30 per share,
all-cash and a more expeditious and certain path to closing a transaction, including with the previously disclosed addition of a $0.25
per-share, per-quarter ticking fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although the Board&rsquo;s actions are unusual, Paramount is nonetheless
prepared to engage in good faith and constructive discussions. At the same time, we will continue to advance our tender offer, maintain
our solicitation in opposition to the inferior Netflix merger, and proceed with our intention to nominate a slate of directors at the
upcoming WBD annual meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>***</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholders with questions about how to vote their WBD shares AGAINST
the inferior Netflix transaction may contact Paramount&rsquo;s proxy solicitor Okapi Partners at (212) 297-0720, Toll-Free: (844) 343-2621,
or by email at <FONT STYLE="color: Blue"><U>info@okapipartners.com</U></FONT>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The tender offer statement and related materials have been filed with
the SEC. WBD shareholders who need additional copies of the tender offer statement and related materials or who have questions regarding
the offer should contact Okapi Partners LLC, the information agent for the tender offer, toll-free at (844) 343-2621.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Paramount urges WBD shareholders
to register their preference for Paramount&rsquo;s superior offer with the WBD Board of Directors by tendering their shares today.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WBD shareholders and other interested parties can find additional information
about Paramount's superior offer at <FONT STYLE="color: Blue"><U>www.StrongerHollywood.com</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Paramount, a Skydance Corporation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Paramount, a Skydance Corporation is a leading, next-generation global
media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. Paramount&rsquo;s portfolio
unites legendary brands, including Paramount Pictures, Paramount Television, CBS &ndash; America&rsquo;s most-watched broadcast network,
CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Paramount TV, and Skydance&rsquo;s Animation, Film,
Television, Interactive/Games, and Sports divisions. For more information, visit <FONT STYLE="color: Blue"><U>paramount.com</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Cautionary Note Regarding Forward-Looking Statements </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication contains both historical and forward-looking statements,
including statements related to Paramount Skydance Corporation&rsquo;s (&ldquo;Paramount&rdquo;) 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, &ldquo;forward-looking statements&rdquo;. Similarly, statements that describe Paramount&rsquo;s
objectives, plans or goals are or may be forward-looking statements. These forward-looking statements reflect Paramount&rsquo;s current
expectations concerning future results and events; generally can be identified by the use of statements that include phrases such as &ldquo;believe,&rdquo;
 &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;foresee,&rdquo; &ldquo;likely,&rdquo;
 &ldquo;will,&rdquo; &ldquo;may,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate&rdquo; 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&rsquo;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 &ldquo;Tender Offer&rdquo;) to purchase for cash all of the outstanding Series A common stock of Warner Bros. Discovery, Inc.
(&ldquo;WBD&rdquo;) or any discussions between Paramount and WBD with respect to a possible transaction (including, without limitation,
by means of the Tender Offer, the &ldquo;Potential Transaction&rdquo;), 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 WBD and Netflix, Inc. (&ldquo;Netflix&rdquo;) pursuant to the Agreement and Plan of Merger, dated December 4, 2025 (as it may
be amended or supplemented), among Netflix, Nightingale Sub, Inc., WBD and New Topco 25, Inc. (the &ldquo;Proposed Netflix Transaction&rdquo;),
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 company; 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&rsquo;s streaming business; the adverse impact on Paramount&rsquo;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&rsquo;s decisions to make investments in new businesses, products, services and technologies,
and the evolution of Paramount&rsquo;s business strategy; the potential for loss of carriage or other reduction in or the impact of negotiations
for the distribution of Paramount&rsquo;s content; damage to Paramount&rsquo;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&rsquo;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&rsquo;s operations as a result of labor disputes; the risks and costs associated with the integration
of, and Paramount&rsquo;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&rsquo;s Class B Common Stock; potential conflicts of interest arising from
Paramount&rsquo;s ownership structure with a controlling stockholder; and other factors described in Paramount&rsquo;s news releases and
filings with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;), including but not limited to Paramount&rsquo;s most recent
Annual Report on Form 10-K and Paramount&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U><BR>
</U>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Additional Information </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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, the Tender
Offer that Paramount, through Prince Sub Inc., its wholly owned subsidiary, has made to WBD stockholders, and Paramount&rsquo;s intention
to solicit proxies against the Proposed Netflix Transaction and other proposals to be voted on by WBD stockholders at the special meeting
of WBD stockholders to be held to approve the Proposed Netflix Transaction (the &ldquo;Netflix Merger Solicitation&rdquo;) and/or for
use at the WBD annual meeting of 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 Potential Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Paramount, Prince Sub Inc. and the other participants in the Netflix
Merger Solicitation have filed a preliminary proxy statement and the accompanying BLUE proxy card with the SEC on January 22, 2026 in
connection with the Netflix Merger Solicitation (the &ldquo;Special Meeting Preliminary Proxy Statement&rdquo;). Paramount expects to
file a definitive proxy statement and the accompanying proxy card with the SEC in connection with the Netflix Merger Solicitation and
may file other proxy solicitation materials in connection therewith or the annual meeting of WBD stockholders, or other documents with
the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PARAMOUNT STRONGLY ADVISES ALL STOCKHOLDERS OF WBD TO READ THE SPECIAL
MEETING PRELIMINARY PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION,
INCLUDING INFORMATION RELATED TO THE PARTICIPANTS. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC&rsquo;S WEB SITE AT
<U>HTTP://WWW.SEC.GOV</U>. IN ADDITION, PARAMOUNT AND THE OTHER PARTICIPANTS IN SUCH PROXY SOLICITATIONS WILL PROVIDE COPIES OF THE APPLICABLE
PROXY STATEMENTS WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR SUCH COPIES SHOULD BE DIRECTED TO THE APPLICABLE PROXY SOLICITOR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Participants in the Solicitation</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The participants in the Netflix Merger Solicitation are expected to
be Paramount, Prince Sub Inc., certain directors and executive officers of Paramount and Prince Sub Inc., Lawrence Ellison, RedBird Capital
Management and The Lawrence J. Ellison Revocable Trust, u/a/d 1/22/88, as amended. Additional information about the participants in the
Netflix Merger Solicitation is available in the Special Meeting Preliminary Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Media Contacts: </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Paramount</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Melissa Zukerman / Laura Watson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Blue"><U>msz@paramount.com</U></FONT> / <FONT STYLE="color: Blue"><U>laura.watson@paramount.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Brunswick Group</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Blue"><U>ParamountSkydance@brunswickgroup.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Gagnier Communications</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dan Gagnier</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Blue"><U>dg@gagnierfc.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Investor Contacts:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Paramount </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kevin Creighton / Logan Thomas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Blue"><U>kevin.creighton@paramount.com</U></FONT>
/ <FONT STYLE="color: Blue"><U>logan.thomas@paramount.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Okapi Partners</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(212)&nbsp;297-0720</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Toll-Free: (844) 343-2621</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Blue"><U>info@okapipartners.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
