Warner Bros. Discovery (NASDAQ: WBD) details $30 tender offer response

Rhea-AI Filing Summary

Warner Bros. Discovery, Inc. reports an update to its response to an unsolicited tender offer. Prince Sub Inc., a wholly owned subsidiary of Paramount Skydance Corporation, has offered to purchase all outstanding shares of WBD’s Series A common stock, other than certain excluded shares, for $30.00 per share in cash, net to the seller, without interest and less any required withholding taxes.

This Amendment No. 4 to WBD’s Schedule 14D-9 does not change the offer terms. Instead, it updates the company’s solicitation/recommendation statement by adding a new exhibit: a transcript of a CNBC Squawk Box interview of Samuel A. Di Piazza, Jr., dated January 7, 2026, to provide additional disclosed commentary related to the situation.

FAQ

What tender offer for Warner Bros. Discovery (WBD) is described here?

The document describes an unsolicited offer by Prince Sub Inc., a wholly owned subsidiary of Paramount Skydance Corporation, to buy all outstanding shares of WBD’s Series A common stock, other than specified excluded shares, for $30.00 per share in cash.

What is the cash price per share in the WBD tender offer?

The offer price for Warner Bros. Discovery’s Series A common stock is $30.00 per share, paid in cash, net to the seller, without interest and less any required withholding taxes.

What does Amendment No. 4 to WBD’s Schedule 14D-9 do?

Amendment No. 4 amends and supplements Warner Bros. Discovery’s existing Schedule 14D-9 by adding an additional exhibit and reflecting related updates, while leaving the $30.00 per share offer terms unchanged in this excerpt.

What new exhibit is added in this WBD Schedule 14D-9 amendment?

The amendment adds Exhibit (a)(2)(H), which is a transcript of a CNBC Squawk Box interview of Samuel A. Di Piazza, Jr., dated January 7, 2026.

Who signed this Warner Bros. Discovery Schedule 14D-9 amendment?

The amendment was signed on behalf of Warner Bros. Discovery, Inc. by Priya Aiyar, who is identified as the company’s Chief Legal Officer.

Did this amendment change the $30 offer price for WBD shares?

No. The excerpt states that a prior amendment to the tender offer filing did not revise the $30.00 per share offer price, and this Amendment No. 4 focuses on updating the Schedule 14D-9 with an additional exhibit.

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Accepted by SEC EDGAR 01/07/2026 - 05:02 PM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14D-9

(Rule 14d-101)

SOLICITATION/RECOMMENDATION STATEMENT

UNDER SECTION 14(d)(4) OF THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

WARNER BROS. DISCOVERY, INC.

(Name of Subject Company)

WARNER BROS. DISCOVERY, INC.

(Name of Persons Filing Statement)

Series A Common Stock, $0.01 par value per share

(Title of Class of Securities)

934423104

(CUSIP Number of Class of Securities)

Priya Aiyar

Chief Legal Officer

Warner Bros. Discovery, Inc.

230 Park Avenue South

New York, New York 10003

(212) 548-5555

(Name, address, and telephone number of persons authorized to receive notices and communications

on behalf of the person filing statement)

Copies to:

Jonathan E. Levitsky		Andrew J. Nussbaum
Gordon S. Moodie		Karessa L. Cain
Katherine D. Taylor		Hannah Clark
Erik J. Andren		Wachtell, Lipton, Rosen & Katz
Debevoise & Plimpton LLP		51 West 52nd Street
66 Hudson Boulevard		New York, New York 10019
New York, New York 10001		(212) 403-1000
(212) 909-6000

☐ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

This Amendment No. 4 (“Amendment No. 4”) to Schedule 14D-9 amends and supplements the Solicitation/Recommendation Statement on Schedule 14D-9 (as amended from time to time, the “Statement”) originally filed by Warner Bros. Discovery, Inc. (“WBD”), with the Securities and Exchange Commission on December 17, 2025, relating to the unsolicited offer by Prince Sub Inc., a Delaware corporation (the “Purchaser”) and a direct wholly-owned subsidiary of Paramount Skydance Corporation, a Delaware corporation (“PSKY”), to purchase all of the outstanding shares of WBD’s Series A common stock, par value $0.01 per share (“WBD Common Stock”), other than shares held in treasury by WBD or owned by PSKY or any of its wholly-owned subsidiaries, at $30.00 per share, net to the seller in cash, without interest and less any required withholding taxes (the “Offer Price”), on the terms and subject to the conditions set forth in the Offer to Purchase, dated December 8, 2025 (as amended or supplemented from time to time, the “Offer to Purchase”), and the related letter of transmittal that accompanies the Offer to Purchase. Thereafter, on December 22, 2025, the Purchaser and PSKY filed Amendment No. 7 to the Tender Offer Statement on Schedule TO (the “December 22 Amendment”) to amend the terms of the unsolicited tender offer but did not revise the Offer Price. This Amendment No. 4 is being filed to reflect certain updates as reflected below.

Item 9. Exhibits

Item 9 of the Statement is hereby amended and supplemented by adding the following exhibits:

Exhibit No.		Description
(a)(2)(H)		Transcript of CNBC Squawk Box Interview of Samuel A. Di Piazza, Jr., dated January 7, 2026.

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: January 7, 2026

Warner Bros. Discovery, Inc.
By:		/s/ Priya Aiyar
		Name:		Priya Aiyar
		Title:		Chief Legal Officer