Contends the Netflix Proposal Includes Inferior and Uncertain Cash Consideration, the Likely Debt-Laden Discovery Global Spinoff and a "Hail Mary" Path to Regulatory Approval

Details the Risks to Creative Production, Jobs and the Future of Human Talent in the Film and TV Industries Under a Seemingly Monopolistic WBD-Netflix Behemoth

Makes Clear the Paramount Offer Includes Significantly More Cash, the Backing of the Proven Ellison Trust and a Viable Path to Regulatory Approval Thanks to Modest Size and Studio Legacy

Urges the WBD Board to Determine that Paramount's Revised Offer Could Reasonably Be Expected to Result in a "Superior Proposal" and Engage with Paramount to Secure a Value-Maximizing Outcome for All Shareholders

Visit www.MaximizeWBDValue.com to Download the Presentation

Ancora Holdings Group, LLC (collectively with its affiliates, "Ancora" or "we"), a nearly $11 billion firm with an approximately $200 million economic interest in Warner Bros. Discovery, Inc. (NASDAQ:WBD) ("WBD"), today released an extensive presentation regarding its strong opposition to the currently proposed merger involving WBD and Netflix, Inc. (NASDAQ:NFLX) ("Netflix").

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