As you know, at the end of last year, your Board of Directors concluded its process to maximize shareholder value by entering into our merger agreement with Netflix. Since then, Paramount Skydance (“PSKY”), a bidder in that process, has commenced a hostile tender offer to acquire WBD, which it recently amended on December 22, 2025.

On Dec. 5, Reuters reported Netflix agreed to buy WBD’s studios-and-streaming division in a cash-and-stock deal valued at about $72 billion in equity. The report described the acquisition as giving Netflix control of Warner’s production engine and major franchises such as Harry Potter, DC Comics and Game of Thrones.