PARAMOUNT PROVIDES UPDATE TO WARNER BROS. DISCOVERY SHAREHOLDERS ON ACTIONS IT IS TAKING TO ADVANCE ITS SUPERIOR $30 PER SHARE ALL-CASH OFFER

About this update from Warner Bros. Discovery, Inc. - Series A

[{"type":"list","items":[{"val":[{"type":"text","content":"Intends to nominate directors for election at the WBD 2026 Annual Meeting and solicit against the approval of the Netflix transaction","length":133,"tagName":"p"}]},{"val":[{"type":"text","content":"Files suit seeking disclosure of basic information to enable WBD shareholders to make informed decision","length":103,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":236,"olType":false},{"type":"text","content":"LOS ANGELES and NEW YORK, Jan. 12, 2026 /PRNewswire/ -- Paramount Skydance Corporation (NASDAQ: PSKY) ("Paramount") today sent a letter to shareholders of Warner Bros. Discovery, Inc. (NASDAQ: WBD) ("WBD") outlining Paramount's next steps for delivering its superior, fully financed, all-cash offer of $30 per share to WBD shareholders.","length":365,"tagName":"p"},{"type":"text","content":"The full text of the letter follows:","length":36,"tagName":"p"},{"type":"text","content":"Dear Warner Bros. Discovery Shareholder,","length":40,"tagName":"p"},{"type":"text","content":"Over the last few days, following the decision by Warner Bros. Discovery ("WBD") not to engage with Paramount on our $30 per share cash offer to acquire all of WBD, and our reaffirmation of our commitment to delivering our superior offer to WBD shareholders, we keep getting the same question: what happens next?","length":322,"tagName":"p"},{"type":"text","content":"Paramount started this process about four months ago with a private offer at a significant premium to WBD's $12.54 share price, and our pursuit culminated in the $30 per share all-cash, fully financed proposal we made before WBD entered into the Netflix transaction. When we learned of the terms of that transaction, which are inferior both financially and from the standpoint of timing and certainty of closing, we decided to bring our offer directly to you, through our tender offer.","length":489,"tagName":"p"},{"type":"text","content":"We are committed to seeing our tender offer through. We understand, however, that unless the WBD board of directors decides to exercise its right to engage with us under the Netflix merger agreement (the "Netflix Agreement"), this will likely come down to your vote at a shareholder meeting. We do not know whether that will be at WBD's upcoming annual meeting or a spe...

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