<SEC-DOCUMENT>0001104659-26-019402.txt : 20260225
<SEC-HEADER>0001104659-26-019402.hdr.sgml : 20260225
<ACCEPTANCE-DATETIME>20260225070123
ACCESSION NUMBER:		0001104659-26-019402
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20260225
DATE AS OF CHANGE:		20260225

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:		26674182

	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: 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>

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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>
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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>
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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 Additional Materials</FONT></TD></TR>
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    <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"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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>
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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>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">No fee required</FONT></TD></TR>
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    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
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    <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">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>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>





<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 25, 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">On February 24, 2026, Paramount Skydance Corporation issued the following
press release:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2533570d70_dfan14alimg001.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PARAMOUNT COMMENTS ON WARNER BROS. DISCOVERY
BOARD&rsquo;S DETERMINATION THAT PARAMOUNT PROPOSAL COULD REASONABLY BE EXPECTED TO LEAD TO A SUPERIOR PROPOSAL</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&nbsp;24, 2026</B> &ndash; Paramount
Skydance Corporation (NASDAQ: PSKY) (&ldquo;Paramount&rdquo;) issued the following statement in response to the announcement by Warner
Bros. Discovery,&nbsp;Inc. (NASDAQ: WBD) (&ldquo;WBD&rdquo;) that WBD&rsquo;s Board of Directors has determined that Paramount&rsquo;s
revised $31 per share, all-cash offer to acquire WBD could reasonably be expected to lead to a &ldquo;Company Superior Proposal&rdquo;
under the terms of WBD&rsquo;s merger agreement with Netflix,&nbsp;Inc.&nbsp;(NASDAQ: NFLX):</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 0pt 0.5in">Paramount welcomes the WBD Board&rsquo;s determination and
looks forward to continuing to engage constructively with WBD to deliver the benefits of Paramount&rsquo;s proposal to WBD shareholders,
the creative community and consumers.</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">Under the terms of its revised offer, Paramount:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Increased the purchase price to $31.00 per WBD share in cash for 100% of
the company,</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Accelerated timing of the daily &ldquo;ticking fee&rdquo; of $0.25 per quarter
to commence after September&nbsp;30, 2026, until the consummation of the Paramount transaction,</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Increased the regulatory termination fee to $7 billion in the event the transaction
does not close due to regulatory matters,</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reaffirmed it will pay the $2.8 billion termination fee which WBD would be
required to pay to Netflix to terminate its existing Netflix merger agreement,</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reaffirmed it will eliminate WBD&rsquo;s potential $1.5 billion financing
cost associated with its debt exchange offer,</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Agreed to an obligation to contribute additional equity funding to the extent
needed to support the solvency certificate required by PSKY's lending banks, and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Agreed to a &quot;Company Material Adverse Effect&quot; definition that excludes
the performance of WBD's Global Linear Networks business.</FONT></TD></TR></TABLE>

<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">As previously announced, the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act applicable to Paramount&rsquo;s acquisition of WBD expired at 11:59 pm on February&nbsp;19, 2026.</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 entry into a transaction with WBD would require the WBD Board to
determine that&nbsp;Paramount's&nbsp;revised proposal is a &quot;Company Superior Proposal&quot; under its merger agreement with&nbsp;Netflix,
the expiration of a four business day match period, termination of the&nbsp;Netflix&nbsp;merger agreement and execution of a definitive
merger agreement between&nbsp;Paramount&nbsp;and WBD.</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">&nbsp;</P>

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

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<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>About Paramount, a Skydance Corporation</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Paramount, a Skydance Corporation (Nasdaq: PSKY) is a leading, next
generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. The
Company's portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS &ndash; America's most-watched broadcast
network, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance's Animation, Film,
Television,&nbsp;Interactive/Games, and Sports divisions. For more information please visit&nbsp;<FONT STYLE="color: Blue"><U>www.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&nbsp;A common stock of Warner Bros. Discovery,&nbsp;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,&nbsp;Inc. (&ldquo;Netflix&rdquo;) pursuant to the Agreement and Plan of Merger, dated December&nbsp;4, 2025,
among Netflix, Nightingale Sub,&nbsp;Inc., WBD and New Topco 25,&nbsp;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&nbsp;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 Global&rsquo;s
most recent Annual Report on Form&nbsp;10-K and Paramount&rsquo;s reports on Form&nbsp;10-Q and Form&nbsp;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"></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><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&nbsp;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&nbsp;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,&nbsp;INCLUDING
INFORMATION RELATED TO THE PARTICIPANTS. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC&rsquo;S WEB SITE AT HTTP://WWW.SEC.GOV.
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"></P>

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<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"><FONT STYLE="color: Blue"><U>ParamountSkydance@brunswickgroup.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>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"><FONT STYLE="color: Blue"><U>dg@gagnierfc.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>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="font-size: 10pt; color: Blue"><U>kevin.creighton@paramount.com</U></FONT>
/ <FONT STYLE="font-size: 10pt; 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"><FONT STYLE="color: Blue"><U>info@okapipartners.com</U></FONT></P>



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

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

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



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