Item 4 — Purpose of Transaction
Item 4 of the Schedule 13D is hereby amended and restated as follows: The Reporting Person owns the Common Stock for investment purposes and to incentivize him in connection with his employment with the Issuer. In his capacity as Chief Content Officer of the Issuer, the Reporting Person intends to continue taking an active role in the Issuer's management. Depending upon factors that he may deem material, the Reporting Person may purchase additional Issuer securities or may dispose of all or a portion of the Issuer securities that he may have acquired or hereafter acquire. Also, subject to applicable approvals from board of directors of the Issuer or a committee thereof, as applicable, the Reporting Person may receive additional securities of the Issuer in connection with the Issuer's equity incentive and compensation plans. The Reporting Person may also, from time to time, sell or transfer securities of the Issuer in connection with sell-to-cover transactions to satisfy tax withholding obligations. The Reporting Person has not entered into any agreement with any third party to act together for the purpose of acquiring, holding, voting or disposing of the Common Stock reported herein. In accordance with a proposal by the Reporting Person, the Issuer formed a special committee of its Board of Directors to consider amendments to the Issuer's Certificate of Incorporation to allow for the transfer by the Reporting Person of Class B Common Stock to certain trusts. The amendments to the Issuer's Certificate of Incorporation (the "Amended Charter") were approved by the Board of Directors upon the recommendation of the special committee and approved by the majority of the holders of Class B Common Stock, including the Reporting Person. On June 17, 2026, the Issuer filed the Amended Charter with the Secretary of State of the State of Delaware. Among other things, the Amended Charter provides that Class B Common Stock transferred to certain Delaware noncharitable purpose trusts ("Qualifying Purpose Trusts") and certain irrevocable trusts used for estate planning purposes ("Qualifying Estate Planning Trusts") will not be subject to automatic conversion, subject to such trusts' continuing compliance with the requirements set forth in the Amended Charter. As described in Item 5(c), on June 29, 2026, the Reporting Person transferred 5,073,000 shares of Class B Common Stock to a Qualifying Purpose Trust. The purpose of the transfer is to preserve the voting power associated with the Class B Common Stock within the trust structure on a permanent basis. The trust has no named beneficiaries and the shares are not intended for distribution to any individual, including the reporting person's family members. Also as described in Item 5(c), on June 29, 2026 the Reporting Person transferred 3,056,369 shares of Class B Common Stock to Qualifying Estate Planning Trusts. The disposition or conversion of any Class B Common Stock held by such estate planning trusts is subject to the prior written approval of the Issuer's Board of Directors.