Netflix — Jan 20, 2026 release

We first prioritize reinvestment in the business, both organically and through selective M&A, while maintaining liquidity and then returning excess cash to __________________________________ 14 https://press.oscars.org/news/academy-partners-youtube-exclusive-global-rights-oscarsr-and-other-academy-content-starting 15 https://about.instagram.com/blog/announcements/instagram-tv-app 16 Defined as cash provided by (used in) operating activities less purchases of property and equipment. 6 shareholders through share repurchases. Consistent with that framework, we’ll pause our share buybacks to accumulate cash to help fund the pending acquisition of Warner Bros. We remain committed to maintaining a solid investment grade rating. Warner Bros. Acquisition In December, we announced that we’ll acquire Warner Bros. 17 , including its film and television studios, HBO Max and HBO. As announced earlier today, we and WBD amended our merger agreement, which now provides for an all-cash transaction 18 valued at $27.75 per WBD share, replacing the previous mix of cash and Netflix stock. The revised transaction structure expedites the timeline to a WBD shareholder vote and provides greater certainty of value that will be delivered at closing. We believe our proposed purchase of Warner Bros. will allow us to accelerate our business strategy. Together 19 , we see two main areas of opportunity. First, Warner Bros.’ library, development and IP will allow us to provide an even broader and higher-quality selection of content for members; and, second, the addition of HBO Max will allow us to offer more personalized and flexible subscription options, better meeting the diverse preferences of our global audience. Netflix and Warner Bros. are highly complementary businesses and together we’ll be able to offer more opportunities to creators and strengthen the en