Warner Bros. Discovery, Inc. - Series A · NASDAQ:WBD
Warner Bros. Discovery, Inc. - Series A — Warner Bros. Discovery — Merger or Acquisition (December 2025)
19 slides from Warner Bros. Discovery, Inc. - Series A's merger presentation, Dec 8, 2025
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Slide 2: Netflix and Warner Bros.
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Slide 3: Speakers
N WB NETFLIX SPEAKERS: GREG PETERS CO-CHIEF EXECUTIVE OFFICER TED SARANDOS CO-CHIEF EXECUTIVE OFFICER SPENCE NEUMANN CHIEF FINANCIAL OFFICER SPENCER WANG VP CORPORATE FINANCE & CAPITAL MARKETS
Slide 4: Today's Presentation
Today’s Presentation Deal Overview Strategic Rationale Financial Highlights Q&A
Slide 5: N WB THE GOONIES THE NIGHT AGENT STRANGER THINGS THE PIIT FOREVER WEDNESDAY GAME
N WB THE GOONIES THE NIGHT AGENT STRANGER THINGS THE PIIT FOREVER WEDNESDAY GAME OF THOREN
Slide 6: Deal Overview
Deal Overview This acquisition brings together two pioneering Beloved franchises, shows and entertainment businesses, combining Netflix’s movies will join Netflix’s extensive innovation, global reach and best-in-class portfolio, creating an extraordinary streaming service with Warner Bros.’ entertai
Slide 7: Warner Bros. Film & TV Business Overview
WARNER BROS. FILM & TV BUSINESS OVERVIEW STUDIOS GAMES & ESTABLISHED CONSUMER TV FRANCHISES PRODUCT & & LIBRARY EXPERIENCES 2 OF THE MOST POPULAR TV ALL-TIME FILM PRODUCTION FRANCHISES 7 HBO MAX
Slide 8: Warner Bros. Business Overview
WARNER BROS. BUSINESS OVERVIEW Operations of the motion picture & television studio NETFLIX EXPECTS TO Theatrical releases for films MAINTAIN WARNER BROS.’ HBO Max & HBO CURRENT BUSINESSES, INCLUDING… 8
Slide 9: Strategic Rationale: Complementary Strengths & Assets
STRATEGIC RATIONALE COMPLEMENTARY STRENGTHS & ASSETS Netflix Warner Bros. Innovation One of the deepest film & TV libraries in the world Extensive portfolio of films, series & games Beloved franchises Reach to over 190 HBO Max countries in 35 languages streaming service Best-in-class Studio & develo
Slide 10: Strategic Rationale: Consumer Benefits
STRATEGIC RATIONALE CONSUMER BENEFITS More choice and greater value for consumers: Brings more quality films Better optimized and series to audiences plans for around the world consumers “Our mission has always been to entertain the world. By combining Warner Bros.’ incredible library of shows and m
Slide 11: Strategic Rationale: Industry Benefits
STRATEGIC RATIONALE INDUSTRY BENEFITS Uniting Netflix’s world-class member experience and global reach with Warner Bros.’ renowned franchises and extensive library will… Create greater value for talent – offering more opportunities to work with beloved IP, tell new stories and connect with a wider a
Slide 12: Strategic Rationale: Business Acceleration
STRATEGIC RATIONALE BUSINESS ACCELERATION Warner Bros.’ world class IP and one of the world’s deepest film and TV libraries accelerates Netflix’s ability to execute on the goal to deliver more quality entertainment for our members By offering audiences more of what they love, Netflix expects to attr
Slide 13: Transaction Summary
TRANSACTION Purchase price of SUMMARY $27.75 per share to acquire Warner Bros. Per WBD share consideration: Cash consideration to be funded with cash on $23.25 in cash & hand and new debt financing Warner Bros. Discovery expected to complete $4.50 in Netflix stock* separation of Discovery Global pri
Slide 14: Financial Highlights: Deal Summary
FINANCIAL HIGHLIGHTS DEAL SUMMARY Financial Highlights Total Funding Sources* WB Equity Value Per Share $27.75 Cash on Hand ($B) $10.3 Shares Outstanding (B) 2.60 Acquisition Debt ($B) $50.0 Equity Value ($B) $72.0 Studios & Streaming Net Debt ($B) $10.7 Warner Bros. Net Debt ($B) $10.7 Equity Consi
Slide 15: Financial Highlights: Key Takeaways
FINANCIAL HIGHLIGHTS KEY TAKEAWAYS Creates shareholder value by driving Expect at least $2-3B increased engagement, revenue and of run-rate cost operating income growth savings by year three Expect transaction to be Committed to maintaining our solid accretive to GAAP EPS by investment grade credit
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Slide 17: Questions & Answers
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Slide 18: Important Information and Where to Find It
IMPORTANT INFORMATION IMPORTANT INFORMATION AND WHERE TO FIND IT In connection with the proposed transaction (the “Merger”) between Netflix, Inc. (“Netflix”) and Warner Bros. Discovery, Inc. (“WBD”), Netflix intends to file with the U.S. Securities and Exchange Commission (the “SEC”) a registration
Slide 19: Thank You
THANK YOU * * * NO OFFER OR SOLICITATION This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in an
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