Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 17

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 17
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 or obligations under this Agreement prior to the effectiveness of the completion of the
Holdco Reorganization, and, upon the effectiveness of the completion of the Holdco Reorganization, all of the rights and obligations of the Company under this Agreement will be deemed to have been novated, assigned to, assumed by and vested in the
New Company;

WHEREAS, on or prior to the Closing Date but following the Holdco Reorganization, the
Company and Spinco (as defined in the Separation and Distribution Agreement) will enter into a Separation and Distribution Agreement, substantially in the form attached hereto as (as may be amended, restated or otherwise modified in
accordance with the “”), pursuant to which, among other things, the Spinco Business (as defined in the Separation and Distribution Agreement) will be separated from
the Company Business (as defined in the Separation and Distribution Agreement) and the capital stock of Spinco will be distributed to the stockholders of the Company in the Distribution;

WHEREAS, the Company, Buyer and Merger Sub desire to effect the acquisition of the Company by Buyer through the merger of Merger Sub with and
into the Company, with the Company surviving the merger as the surviving corporation (the “”), in accordance with the DGCL, and each share of common stock, par value $0.01 per share, of the Company (“”) being converted into the right to receive () an amount in cash equal to the Per Share Cash Amount, without interest (such amount, the “”) and () such number (including
fractions thereof) of validly issued, fully paid and nonassessable shares of Buyer Common Stock equal to the Exchange Ratio (the “” and, together with the Cash Consideration, the “”), upon the terms and subject to the conditions set forth herein;

WHEREAS, the board of directors of the Company
(the “”) has () determined that the terms of this Agreement and the Transactions, including the Merger, are fair to, and in the best interests of, the Company and its stockholders,
() determined that it is in the best interests of the Company and its stockholders and declared it advisable to enter into this Agreement, () approved the execution and delivery by the Company of this Agreement, the
performance by the Company of its covenants and agreements contained herein and the consummation of the transactions contemplated by this Agreement, including the Merger, upon the terms and subject to the conditions set forth herein and
() resolved to recommend that