Warner Bros. Discovery $125 Million Securities Settlement

If you were a record or beneficial owner of Discovery, Inc. common stock at the time of its merger with AT&T's WarnerMedia Business on April 8, 2022, you may be eligible to claim a portion of a $125,000,000 class action settlement.

Warner Bros. Discovery, Inc. has agreed to pay this amount to settle a class action lawsuit for alleged breaches of fiduciary duty related to the merger.

Who are the class members?

The class includes:

• All record holders and beneficial owners of Discovery common stock as of the merger's closing on April 8, 2022, whose shares were reclassified and converted into Warner Bros. Discovery, Inc. common stock.
• Legal representatives, heirs, and assignees of such holders and beneficial owners.

How much can class members get?

Class members will receive a pro rata distribution from the settlement fund. The amount each member receives will depend on the number of eligible shares they held at the time of the merger.

Pro Rata Calculation: The Net Settlement Fund will be divided by the total number of eligible shares to determine the per-share recovery. For example, if the Net Settlement Fund is $100,000,000 and there are 10,000,000 eligible shares, the per-share recovery would be $10.

No claim filing required

Eligible class members will automatically receive their payment in the same manner they received their Warner Bros. Discovery, Inc. shares. If your shares were held in a brokerage account, your broker will deposit your settlement payment into that account.

Settlement fund breakdown

The settlement fund of $125,000,000 will cover:

• Payments to eligible class members.
• Attorneys' fees and expenses, not to exceed 22% of the settlement fund.
• Incentive awards to plaintiffs, not to exceed $40,000 in total.

When is the Warner Bros. Discovery payout date?

Payments will be made after the court approves the settlement and any appeals are resolved.

What happens next?

The court will hold a fairness hearing on October 10, 2024, to decide whether to approve the settlement. If approved, payments will be distributed to eligible class members after any appeals are resolved.