WBD Files Definitive Proxy Statement and Schedules Special Meeting for March 20, 2026, to Approve the WBD-Netflix Transaction

The WBD-Netflix Transaction Delivers Incredible Value and Certainty to WBD Stockholders with Clear Path to Timely Regulatory Approval

Netflix is the Superior Deal and the Only Deal Before WBD Stockholders

Together WBD and Netflix will Protect U.S. Jobs, Bring Great Value to Consumers and Assure Growth of the Broader Entertainment Industry

A PSKY transaction does not have an easier or faster path to regulatory approval and PSKY’s financing challenges and rapid deleveraging plans pose tremendous risk to the entertainment industry

HOLLYWOOD, Calif., Feb. 17, 2026 /PRNewswire/ — Netflix, Inc. today issued the following statement regarding its fully financed definitive agreement with Warner Bros. Discovery, Inc. (WBD) to acquire Warner Bros., including its film and television studios, HBO Max and HBO:

Today marks another important milestone for our transaction with WBD. WBD has filed and commenced the mailing of its definitive proxy statement for the special meeting to be held on March 20, 2026, to approve our Board-recommended transaction and superior offer.

Throughout the robust and highly competitive strategic review process, Netflix has consistently taken a constructive, responsive approach with WBD, in stark contrast to Paramount Skydance (PSKY). While we are confident that our transaction provides superior value and certainty, we recognize the ongoing distraction for WBD stockholders and the broader entertainment industry caused by PSKY’s antics. Accordingly, we granted WBD a narrow seven-day waiver of certain obligations under our merger agreement to allow them to engage with PSKY to fully and finally resolve this matter.

This does not change the fact that we have the only signed, board-recommended agreement with WBD, and ours is the only certain path to delivering value to WBD’s stockholders. In its press release today, WBD reaffirmed its recommendation that WBD stockholders vote to approve the Netflix transaction at WBD’s special meeting.

Together, Netflix and Warner Bros. will deliver more choice and greater value to audiences worldwide with expanded access to exceptional films and series – both at home and in theaters. Our transaction also expands production capacity and increases investment in original content, leading to long-term job creation. The Netflix transaction is centered on growth, opportunity, and a reinforced commitment to creating world-class films and television – not consolidation and layoffs.

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