Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 244

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 244
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 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, any and all Privileged Information solely to the extent it relates to this Agreement, the Ancillary Agreements, the Merger Agreement, the Transaction Documents and the negotiations, structuring and transactions
contemplated hereby and thereby belonging to or possessed by the Company Group prior to the Separation shall be deemed to relate solely to the SpinCo Business. Upon the consummation of the Distribution, (A) any advice given by or communications
with each of the Parties set forth on , to the extent it directly relates to this Agreement, the Ancillary Agreements, the Merger Agreement, the Transaction Documents and/or negotiations, structuring and transactions
contemplated hereby or thereby, shall not be a shared privilege and shall be deemed to relate solely to the SpinCo Business and (B) any advice given or communications with in-house counsel of the Company
Group prior to the Separation, to the extent it directly relates to this Agreement, the Ancillary Agreements, the Merger Agreement, the Transaction Documents and/or the negotiations, structuring and transactions contemplated hereby or thereby, shall
not be a joint privilege and shall be deemed to relate solely to the SpinCo Business.

(c) Subject to