Warner Bros. Discovery, Inc. - Series A · NASDAQ:WBD
Warner Bros. Discovery, Inc. - Series A — Warner Bros. Discovery, Inc. - Series A — Merger or Acquisition (December 2025)
11 slides from Warner Bros. Discovery, Inc. - Series A's merger presentation, Dec 5, 2025
Slide 1: Creating Two Leading Media Companies: WBD Global Networks, WBD Streaming & Studios
Creating Two Leading Media Companies: WBD Global Networks, WBD Streaming & Studios June 9, 2025
Slide 2: Important cautionary note
Important cautionary note Cautionary Language Regarding Forward-Looking Statements: Information set forth in this communication contains certain “forward-looking statements.” Forward-looking statements include, without limitation, statements regarding Warner Bros. Discovery, Inc.’s (“WBD”) expectati
Slide 3: Creating two leading media companies to unlock value
Creating two leading media companies to unlock value WBD WBD GLOBAL NETWORKS STREAMING & STUDIOS (WBD GN) (WBD S&S) Leading sports, news and entertainment Prolific content producer with scaled and growing content provider streaming platform 3
Slide 4: Since the 2022 merger, we have successfully achieved key milestones
Transformational integration of complementary assets to better capitalize ✓ on industry disruption Instituted a culture of disciplined management, greater accountability, ✓ and effective collaboration Since the ✓ Repositioned Streaming as a global, profitable, and growing DTC business underpinned by
Slide 5: Positioning WBD to unlock shareholder value through a separation
Enhances strategic focus to better position each company to maximize ✓ its potential Aligns investment priorities with each company’s respective strategic ✓ and financial objectives …positioning WBD to unlock shareholder ✓ Facilitates separate management teams to focus on objectives of each business
Slide 6: Transaction summary
Transaction summary ▸ WBD to be separated into two publicly traded companies with WBD S&S distributed in transaction intended to be tax-free for U.S. federal income tax purposes Transaction ▸ WBD GN to hold up to a 20% retained stake in WBD S&S, which will be monetized over time in a tax-efficient m
Slide 7: Two distinct companies designed to maximize shareholder value
Two distinct companies designed to maximize shareholder value WBD GLOBAL NETWORKS WBD STREAMING & STUDIOS (WBD GN) (WBD S&S) Scaled portfolio of iconic global brands and a leader Renowned content production capabilities and in live entertainment with valuable sports IP irreplaceable library with hig
Slide 8: WBD Global Networks: A leading sports, news, and entertainment content provider
WBD Global Networks: A leading sports, news, and entertainment content provider Strong “live” presence with leading sports and news properties, Unrivaled global and leading general entertainment brands footprint spanning 200 U.S. SPORTS INTERNATIONAL SPORTS NEWS countries & territories with content
Slide 9: WBD Streaming & Studios: Prolific content producer with scaled and growing streaming platform
WBD Streaming & Studios: Prolific content producer with scaled and growing streaming platform STREAMING STUDIOS Globally scaled, profitable business on track to Making significant progress toward generate at least $1.3B of Adj. EBITDA in 2025 its $3B+ Adj. EBITDA target (*) (*) Motion Pictures TV Ic
Slide 10: Tailored capital structures based on financial profiles
Tailored capital structures based on financial profiles ▸ WBD launched tender offers and consent solicitations across the existing capital structure to enhance debt portfolio Tender offer and consent solicitations to enhance • Tender offers and consent solicitations to be funded by a $17.5B committe
Slide 11: Expected to unlock value for WBD shareholders
Two differentiated, leading independent companies with enhanced strategic and 1 operational focus Tailored capital allocation strategies based on distinct growth and free cash 2 flow profiles Expected to 3 Dedicated management teams with incentives aligned to strategic priorities and KPIs unlock val
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