Warner Bros. Discovery, Inc. - Series A — Warner Bros. Discovery — Debt Investor Presentation (June 2025)

4 slides from Warner Bros. Discovery, Inc. - Series A's debt investor presentation, Jun 11, 2025

Slide 1: Tender Offer Frequently Asked Questions
Tender Offer Frequently Asked Questions June 10, 2025
Slide 2: Frequently Asked Questions
1 • How do you expect to allocate the bridge takeout between GN and S&S? • This is subject to continuing evaluation and revision and depends on a number of factors, including the proceeds expected from the monetization of the retained stake and the receptivity of capital markets to debt offerings of
Slide 3: Frequently Asked Questions (cont.)
2 • Post-spin, is there a moratorium on M&A at either silo? • We have not had nor are we planning to have M&A discussions or negotiations with counter-parties about either GN or S&S at any point prior to the spin, therefore, we expect to have the flexibility to pursue post-spin M&A initiated by any
Slide 4: No Offer or Solicitation; Cautionary Statement Regarding Forward-Looking Information
No Offer or Solicitation This presentation is neither an offer to purchase nor a solicitation of an offer to sell any securities. The tender offers and the consent solicitations referred to herein are being made only by, and pursuant to the terms of, the Offer to Purchase and Consent Solicitation St