Warner Bros. Discovery and Cutting Edge Group form JV to own and manage WBD's iconic music rights portfolio

Los Angeles (ots/PRNewswire) - Warner Bros and Cutting Edge partnering to
enhance the music library's value

Warner Bros. Discovery Inc. (NASDAQ: WBD) and Cutting Edge Group ("CEG"), the
leading specialist investor in and manager of media music rights, have partnered
to create a joint venture (the "JV") through which they will co-own WBD's vast
catalog of film and TV music. WBD will retain creative and operational control
of the music rights while CEG, further to its investment into the business, will
jointly manage the JV. The creation of the JV is, by value, one of the largest
music rights deals ever transacted and spans almost 100 years of copyrights.

Together, WBD and CEG will focus on maximizing the distribution and revenue
potential of the music portfolio, which contains more than 400,000 compositions
and song cues, including some of the most recognized theme songs and scores in
television and movie history. DWS Group is co-investing and sponsoring the
transaction alongside CEG.

The library includes music from the Harry Potter and Lord of the Rings
franchises, DC Comics movies, as well as TV shows such as Friends , Game of
Thrones , The Big Bang Theory, Two and Half Men, Succession, and The White Lotus
. Other iconic films and TV series represented in the portfolio include Rebel
Without a Cause , The Exorcist, A Star is Born, Blade Runner , Shawshank
Redemption , The West Wing , ER, Full House, Sex and The City and Gossip Girl .

The compositions from the Warner Brothers, HBO and Turner Networks catalogs will
continue to be administered by Universal Music Publishing Group, while those
from the Discovery/Scripps Networks catalog will remain under the administration
of Sony Music Publishing.

Paul Broucek, President, Music, Warner Bros. Discovery, said: "This partnership
with CEG is the perfect way to expand access to our unparalleled music library
while honoring our long history of strong creative oversight and protecting the
integrity of the works and artists. Together with CEG, we can find new and
exciting ways to entertain a new generation of fans."

Philip Moross, CEO of Cutting Edge Group, said: "This truly is an iconic
assembly of catalogs created over almost a century by one of Hollywood's
original studios and to have the opportunity to invest in and manage this JV
alongside WBD is an incredibly exciting prospect for us. This special
partnership with Warner Bros. is the culmination of many years work on the part
of our team at Cutting Edge and is a strong endorsement of our early conviction
and specialist expertise in this area of the market."

Tara Finegan, COO of Cutting Edge Group, added: "Cutting Edge is singularly