AT&T Mergers and Acquisitions Presentation Deck

Enhances Global Linear Business 9 CNN Ⓡ Discovery HGTV INT tbs food network CN ID TLC CARTOON NETWORK EUROSPORT [adult swim] OWN tvn animal planet ● ● ● Discovery + WARNERMEDIA Portfolio positioned as stronger partner to advertising and distribution counterparts Combined company pay TV portfolio reach can compete with combined pay and broadcast network reach of other global players News, sports, scripted and unscripted - combined portfolio addresses key programming genres of the linear ecosystem Significant overlapping and duplicative expense base can be rationalized to drive efficiency Discovery

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