Discovery Deadline Alert

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Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Discovery To Contact Him Directly To Discuss Their Options

New York, New York--(Newsfile Corp. - November 22, 2022) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Warner Brothers Discovery, Inc. ("Discovery" or the "Company") (NASDAQ: WBD) and reminds investors of the November 22, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses exceeding $100,000 investing in Discovery by (1) exchanging Discovery common stock for WBD common stock pursuant or traceable to Discovery's February 4, 2022 Registration Statement on Form S-4 (the "Registration Statement") and Joint Proxy Statement/Prospectus filed with the SEC on February 10, 2022 (the "Prospectus"); (2) acquiring WBD common stock pursuant or traceable to the Registration Statement and Prospectus, including shareholders of AT&T Inc. ("AT&T") and/or Magallanes, Inc, a Delaware corporation ("Spinco") who acquired WBD common stock as a result of the merger (the "Merger") between Discovery and Spinco; or (3) purchasing shares of WBD common stock on the open market traceable to the Prospectus through the date of the filing of this Complaint (the "Section 11 Class"). and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/WBD.

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There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) WarnerMedia's HBO Max streaming business had a high churn rate that made the business not "viable" unless the churn rate was reversed, (2) AT&T was overinvesting in WarnerMedia entertainment content for streaming, without sufficient concern for return on investments, (3) WarnerMedia had a business model to grow the number of subscribers to its streaming service without regard to cost or profitability, (4) WarnerMedia was improvidently concentrating its investments in streaming and ignoring its other business lines, and (5) WarnerMedia had overstated the number of subscribers to HBO Max by as many as 10 million subscribers, by including as subscribers AT&T customers who had received bundled access to HBO Max, but had not signed onto the service. That adverse information was not disclosed to Discovery shareholders in the Registration Statement or Prospectus or otherwise prior to the effective date of the Merger.

From April 11, 2022, the first trading day after completion of the Merger, to the date prior to filing of this complaint (September 23, 2022), Warner Bros. market price fell by 52.4%, from $24.78 to $11.79 per share, as the market became aware of the foregoing misrepre