Warner Bros. Discovery (WBD) Proxy Filing summary

Executive summary

• A revised acquisition proposal was received from Paramount Skydance Corporation to acquire all outstanding shares, which is under review by the board and advisors.

• The board continues to recommend the previously agreed merger with Netflix, with no action advised on the PSKY tender offer at this time.

• The proxy statement and related materials provide details on the proposed Netflix transaction and the competing PSKY offer.

Voting matters and shareholder proposals

• Shareholders are being solicited to vote on the proposed merger with Netflix, as outlined in the definitive proxy statement.

• No recommendation is made regarding the PSKY tender offer until the board completes its review.

Board of directors and corporate governance

• The board is actively engaged with financial and legal advisors to evaluate the revised PSKY proposal.

• Information about directors and executive officers is available in prior annual and proxy filings.