Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 231

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 231
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 professional services will be provided following the Distribution Effective Time, which services shall be rendered solely for the benefit of the Company Group or the
SpinCo Group, as the case may be. In furtherance of the foregoing, each Party shall authorize (and shall cause any members of its Group to authorize) the delivery to and/or retention by the other Party of materials existing as of the Distribution
Effective Time that are necessary for such other Party to perform such services.

(b) The Parties agree as follows:

(i) The Company shall be entitled, in perpetuity, to control the assertion or waiver of all privileges and immunities in
connection with any Privileged Information (other than the Privileged Information relating solely to the Actions and other matters set forth on ) that relates:

(A) solely to the Company Business or solely to any member of the Company Group and not to the SpinCo Business or to a member
of the SpinCo Group;

(B) solely to any Company Liabilities resulting from any Actions that are now pending or may be
asserted in the future; or

(C) solely to the Actions and other matters set forth in
;

in each case, whether or not the Privileged Information is in the possession or under the
control of any member of the Company Group or any member of the SpinCo Group.

(ii) SpinCo shall be entitled, in
perpetuity, to control the assertion or waiver of all privileges and immunities in connection with any Privileged Information (other than the Privileged Information relating solely to the Actions and other matters set forth on ) that relates:

(A) solely to the SpinCo Business or solely to a member of the SpinCo Group and not to the
Company Business or a member of the Company Group;

(B) solely to any SpinCo Liabilities resulting from any Actions that
are now pending or may be asserted in the future; or

70

(C) solely to the Actions and other matters set forth in
;

in each case, whether or not the Privileged Information is in the possession or under the
control of any member of the SpinCo Group or any member of the Company Group.

(iii) If the Parties do not agree as to
whether certain Information is Privileged Information, then such Information shall be treated as Privileged Information, and the Party that believes that such Information is Privileged Information shall be entitled to control the assertion or waiver
of all privileges and immunities in connection with any such Information, unless the Parties otherwise agree.

(iv)
Notwithstanding the foregoing