Warner Bros. Discovery Unveils Max Streaming Service

Service Debuts In The U.S. On May 23

Max Announces Harry Potter Series, "Game of Thrones" Prequel A Knight of the Seven Kingdoms: The Hedge Knight, And More

Warner Bros. Discovery (Nasdaq: WBD) today introduced Max, its enhanced streaming service, which will launch in the U.S. on May 23. Max is the destination for HBO Originals, Warner Bros. films, Max Originals, the DC universe, the Wizarding World of Harry Potter, an expansive offering of kids content, and best-in-class programing across food, home, reality, lifestyle and documentaries from leading brands like HGTV, Food Network, Discovery Channel, TLC, ID and more. Max will stand out amongst streamers by uniquely combining unrivaled breadth and superior quality with iconic franchises and strong product experience, all for great value.

Introducing Max - the one to watch for every mood and every moment.

The event included a sneak peek at the launch campaign for Max, which kicks off tomorrow and celebrates the different moods, fandoms and genres that represent Max viewers. The campaign will invite new subscribers to experience Max's improved product experience and expanded content for everyone in the household.

"From the biggest superheroes to real life champions; from culture-shaping dramas to taste-shaping entertainment; from fantastical realms to the realest of worlds, Max will offer an unrivaled range of choice," said JB Perrette, President & CEO, Global Streaming & Games, Warner Bros. Discovery. "This new brand signals an important change from two narrower products, HBO Max and discovery+, to our broader content offering and consumer proposition. While each product offered something for some people, Max will have a broad array of quality choices for everybody."

SIGNING UP

Max will offer three pricing options, giving subscribers the choice to select which plan best fits the needs of their household.

· Max Ad-Lite | $9.99/month or $99.99/year

2 concurrent streams, 1080p resolution, no offline downloads, 5.1 surround sound quality

· Max Ad Free | $15.99/month or $149.99/year

2 concurrent streams, 1080 resolution, 30 offline downloads, 5.1 surround sound quality

· Max Ultimate Ad Free | $19.99/month or $199.99/year

4 concurrent streams, up to 4K UHD resolution, 100 offline downloads, Dolby Atmos sound quality

Existing HBO Max subscribers will have access to Max at the same price as their HBO Max subscription and can visit http://help.hbomax.com/introducingMax to find out more. Additionally, HBO Max subscribers will still have access to their current plan features for a minimum of six months following launch. HBO Max subscribers' profiles, settings, watch history, "Continue Watching," and "My List" items will also migrate to Max so they can pick up streaming right where they left off.

CONTENT OFFERING

Max will bring HBO Max's can't-miss programming and Discovery+'s engaging real life entertainment content together to create a complete viewing experience for all ages. The service will feature a regular freshness of content with an average of more than 40 new titles and seasons every month. With a library of iconic favorites, Max will offer a world-class collection of globally recognized brands, franchises, series, and characters, making it a truly unprecedented offering. Audiences will be able to explore the iconic worlds of HBO, the DC Universe, and Harry Potter, plus hit movies, original series, and fan-favorite genres like true crime, reality, food, and comedy, all in one place.

"The Max service is a wide-ranging mosaic of content that will be unmatched in the breadth, reach, and excellence of its offerings," said Casey Bloys, Chairman and CEO, HBO and Max Content. "We are unique because we have the best-in-all-categories across the board by any measure - be they ratings, awards, fandom. We know we can satisfy any craving because we have the brands that people love. At Max, they will find what they want, when they want it."

Newly announced titles include a Max Original Harry Potter series, a faithful adaptation of the beloved original book series by J.K. Rowling, who will serve as executive producer; a Max Original comedy series derived from The Big Bang Theory; an HBO Original "Game of Thrones" prequel A Knight of the Seven Kingdoms: The Hedge Knight; a Max Original drama series based on The Conjuring films; Magnolia Network's Fixer Upper: The Hotel; Discovery Channel's Survive the Raft; Max Original Peter & the Wolf from Bono; Adult Swim's Rick and Morty: The Anime; Investigation Discovery's Lost Women of Highway 20; Cartoon Network's Tiny Toons Looniversity; and TLC's Love & Translation.

Max also provided first looks today at additional highly anticipated upcoming titles including Max Originals The Penguin starring Colin Farrell; HBO Original drama series The Sympathizer, an espionage thriller and cross-culture satire based on the Pulitzer Prize-winning novel of the same name; HBO Original limited series True Detective: Night Country starring Jodie Foster and Kali Reis; HBO Original limited series The Regime starring Academy Award(R)-winner Kate Winslet; Max Original six-part docuseries SmartLess: On The Road, following Jason Bateman, Will Arnett, and Sean Hayes as they take viewers on an exclusive behind-the-scenes look at the sold-out live tour of their podcast; and Max Original kids series Gremlins: Secrets of the Mogwai. In addition to Max original programming, a first look at HGTV's four-part Barbie Dreamhouse Challenge hosted by Ashley Graham, which will also be available to stream on Max, was shown during the presentation.

PRODUCT FEATURES

Whether you know exactly what you want to watch, you're looking for personalized recommendations, or you're in the mood to explore new interests, Max makes the journey to clicking play effortless. Max will bring all of this content into one seamless user experience that invites every member of the family to find great entertainment.

"Our incredible team has been hard at work taking the best of both legacy technology platforms to deliver a product that works much better," said Perrette. "We're confident that all these enhancements will deliver a stronger experience for our customers, which will drive more engagement, help enhance retention, and improve customer satisfaction, which in turn will help us continue to scale."

Highlights include:

· Premium Video Playback: A new video playback experience will deliver smooth and cinematic video to users, wherever and however they prefer to watch. Whether binging their favorites, watching offline on-the-go, or tuning in on Sunday nights for the latest episode of Succession, users can count on seamlessly diving into their preferred worlds.

· Personalization: Max will expand personalization beyond just the home page, offering a differentiated and high-performing experience for every user across the whole service. By significantly increasing our investment in machine learning while maintaining an editorial voice, Max will deliver a unique human and machine approach that will help surface the best content for our users.

· More Prominent Kids Experience: At launch, Max will introduce a default kids profile for new subscribers along with accompanying parental controls. Parents can choose to customize settings and select to limit content for the kids profile by ratings: little kids (tv-y), big kids (tv-y7, tvy7-fv), big kids plus (tv-g, g), preteens (tv-pg/pg), or teens (tv-14, pg-13). Parents will also have the ability to set individual profile PINs to lock access to their adult profiles, as well as a parent code to lock their children inside of the Max kids experience.

· Simplified Navigation: Max works harder so viewers don't have to. Streamlined categories, improved content details pages, shortcuts, dedicated brand hubs and thematic content rails, make exploring the app and discovering new interests easier. The updated design coupled with a better personalization engine will help consumers quickly find and discover the best of what they are looking for.

· 4K UHD: The Ultimate Ad-Free tier of Max will have an expanded catalog of content available in 4K UHD including key programming such as Game of Thrones, The Last of Us, Harry Potter, Lord of the Rings, The Dark Knight Trilogy and more. All Warner Bros. movies released this year and going forward will also be available in 4K UHD when they arrive on Max following their theatrical windows.

Please visit Max.com for more information.

Cautionary Statement Concerning Forward-Looking Statements

Information set forth in this communication contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, forecasts, and assumptions that involve risks and uncertainties and on information available to Warner Bros. Discovery as of the date hereof. The Company's actual results could differ materially from those stated or implied due to risks and uncertainties associated with its business, which include the risk factors disclosed in the Company's filings with the U.S. Securities and Exchange Commission, including but not limited to the Company's most recent Annual Report on Form 10-K and reports on Form 10-Q and Form 8-K.

Forward-looking statements include statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future, and can be identified by forward-looking words such as "anticipate," "believe," "could," "continue," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. Forward-looking statements include, without limitation, statements regarding future financial and operating results, the Company's plans, objectives, expectations and intentions, and other statements that are not historical facts. Warner Bros. Discovery expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.