Group 1 - Netflix is revising its $72 billion offer for Warner Bros. Discovery to an all-cash transaction [1] - The initial deal was a cash and stock offer valued at $27.75 per Warner Bros. share, totaling an enterprise value of $82.7 billion, including debt [1] - The revised deal simplifies the transaction structure and provides more certainty of value for Warner Bros. stockholders [1] Group 2 - The all-cash transaction remains valued at $27.75 per Warner Bros. share [2] - Warner Bros. stockholders will receive additional value from shares of Discovery Global following its separation from Warner Bros. [2] - Both companies' boards have approved the amended all-cash deal [2]

Core Viewpoint - Netflix is strategically positioning itself to acquire Warner Bros. Discovery, indicating a proactive approach in the competitive media landscape [1] Group 1 - Netflix is not leaving its acquisition strategy to chance, suggesting a calculated and aggressive approach to securing Warner Bros. Discovery [1] - The company is likely to leverage its existing strengths and resources to enhance its bid for Warner Bros. Discovery [1] - This move reflects the ongoing consolidation trend within the media and entertainment industry, as companies seek to expand their content libraries and market share [1]

VIEW SHARE Netflix and Warner Bros. combined will have 9.2% TV viewshare in the U.S. Nielsen Share of U.S. TV Time By Distributor 1 October 2025 October 2025 Pro Forma YouTube The Walt Disney Company Netflix & Warner Bros. NBCUniversal FOX Paramount Discovery Global 12.9% 11.4% 9.2% 8.6% 4.4% 8.4% 8.2% 1.2% HBO / HBO Max YouTube 12.9% The Walt Disney Company NBCUniversal FOX Paramount Netflix 11.4% 8.6% 8.4% 8.0% 5.6% 8.2% Warner Bros. Discovery 1.2% HBO / HBO Max ...