Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 172

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 172
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 otherwise) to the commitments hereunder or to the availability and funding of the
Bridge Facility on the Closing Date, including compliance with the terms of this Commitment Letter, the Fee Letters or the Bridge Credit Documentation (other than the conditions expressly set forth in this Section 6 and in ),
and upon the satisfaction (or waiver by the Commitment Parties) of the conditions expressly set forth in this Section 6 and in Exhibit C, the funding under the Bridge Facility on the Closing Date shall occur.

Notwithstanding anything in this Commitment Letter, the Fee Letters, the definitive documentation for the Bridge Facility (the “”) or in any other letter agreement or otherwise in connection with the funding of the Transactions to the contrary, (a) the only representations and warranties the making of which shall be a condition to the
availability of the Bridge Facility on the Closing Date shall be (i) such of the representations and warranties made by or on behalf of or with respect to the Target Business and its subsidiaries in the Merger Agreement as are material to the
interests of the Lenders, but only to the extent that you (or any of your subsidiaries) have the right (taking into account any applicable notice and cure provisions) to terminate your (or any of your subsidiaries’) obligations to consummate
the Acquisition under the Merger Agreement or decline to consummate the Acquisition pursuant to the Merger Agreement, in each case as a result of a breach or inaccuracy of such representations and warranties in the Merger Agreement (the
“”) and (ii) the Specified Representations (as defined below), and (b) the terms of the Bridge Credit Documentation shall be in a form such that they do not impair the availability of the
Bridge Facility on the Closing Date if the conditions expressly set forth in this Section 6 and in , in each case, limited on the Closing Date as indicated therein, are satisfied (or waived by the Commitment Parties). For
purposes hereof, “” means the representations and warranties referred to in the Term Sheet solely relating to corporate or other organizational existence of the Borrower, the Borrower’s
organizational power and authority to enter into and perform the Bridge Credit Documentation, due authorization, execution and delivery of, and enforceability of, the Bridge Credit Documentation against the Borrower (subject to customary
enforceability exceptions), no conflicts of the Bridge Credit Documentation with the organizational documents of the Borrower as it relates to entering into and performance of the Bridge Credit Documentation, use of proceeds of the Bridge