David Zaslav's Company-Wide Email Responding To The WBD Board's Rejection Of New Paramount Bid

This communication was sent to everyone at WBD early Wednesday morning:

Team,

I want to share a brief update following developments today.

You will have seen that the Warner Bros. Discovery Board of Directors has filed a formal response to Paramount Skydance’s unsolicited tender offer. In
that filing, the Board has recommended that shareholders not tender their shares.

This action reflects the Board’s ongoing oversight and its responsibility to act in the best interests of shareholders. As part of its work, the Board
reviewed Paramount Skydance’s most recent unsolicited tender offer with the same care and discipline it has applied throughout this process, including its review of multiple prior proposals. The Board’s evaluation followed a thorough and consistent process and is grounded in its fiduciary duties.

You may be asking: where does that leave us?

We continue to have a signed transaction agreement with Netflix and we are working together to close the transaction, subject to regulatory approvals and other closing conditions.

That regulatory review process has already begun.

When there is additional information we can provide, we will communicate it clearly and promptly

Until any transaction closes, Warner Bros. Discovery and Netflix remain separate companies and our operating plans remain unchanged. WBD remains focused on the work ahead, serving audiences, partners, and one another—and finishing the year strong.

Thank you, as always, for your professionalism and focus during a period that naturally draws attention. We will continue to keep you informed as thi 
process moves forward.

David