Reiterates why Paramount's offer will deliver WBD shareholders with superior value and a faster, more certain path to completion than the Netflix transaction

Encourages shareholders to tender their shares today to register their view with the WBD Board of Directors that they prefer the superior Paramount transaction

LOS ANGELES and NEW YORK , Dec. 10, 2025 /PRNewswire/ -- Paramount, a Skydance Corporation (NASDAQ: PSKY) ("Paramount"), today sent a letter to the shareholders of Warner Bros. Discovery, Inc. (NASDAQ: WBD) ("WBD"). The letter clearly sets out why Paramount's $30.00 per share all-cash offer to acquire all of WBD is superior to WBD's transaction with Netflix (NASDAQ: NFLX).

Full text of the letter follows below.

Dear Warner Bros. Discovery Shareholder:

Paramount began pu

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