Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 191

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 191
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 clauses (i) through (iii) of this , or (2) such litigation, claim, investigation, sanction or order includes or is based on allegations
relating to, arising out of or resulting from any member of the Company Group’s or of the SpinCo Group’s direct or indirect beneficial ownership of the equity interests of any member of the Company Group prior to the Distribution
Effective Time or any member of the Company Group’s or of the SpinCo Group’s management, oversight, supervision or operation of the Company Business, the Company Assets, the Company Group Employees or the Company Liabilities prior to the
Distribution Effective Time, and (B) all Liabilities to the extent relating to, arising out of or resulting from any matter set forth on ; it being understood that to the extent any such litigation, claim,
investigation, sanction or order includes or is based on allegations relating to, arising out of or resulting from any member of the Company Group’s direct or indirect beneficial ownership of the capital stock of any member of the SpinCo Group
prior to the Distribution Effective Time, any such Liabilities shall be SpinCo Liabilities, and not Company Liabilities.

29

2.4 .

(a) Approvals and Notifications for SpinCo Assets. To the extent that the contribution, assignment, transfer, conveyance
or delivery of or succession to any SpinCo Asset, or the acceptance or assumption of, performance, discharge and fulfillment of, or succession to any SpinCo Liability, in each case under , is determined to be a
transfer or assignment that requires any Approvals or Notifications, or to the extent that the Separation or the Distribution requires any Approvals or Notifications, the Parties shall use commercially reasonable efforts to obtain or make such
Approvals or Notifications as soon as reasonably practicable; , , that, except to the extent expressly provided in this Agreement or any of the Ancillary Agreements or as otherwise agreed between the Company and SpinCo,
neither the Company nor SpinCo shall be obligated to contribute capital or pay any consideration in any form (including providing any letter of credit, guaranty or other financial accommodation) to any Person in order to obtain or make such
Approvals or Notifications.

(b) Delayed SpinCo Transfers. If and to the extent that the valid, complete and
perfected contribution, assignment, transfer, conveyance or delivery to or succession of the SpinCo Group of any SpinCo Asset or acceptance or assumption by, performance, discharge and fulfillment by, or succession by the SpinCo