Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 345

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 345
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) by SpinCo in connection with the

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Contribution (the “”). Each of the Company and SpinCo shall not take (and shall cause the members of their respective Group not to
take) any positions that it knows, or reasonably should know, are inconsistent in any material respect with the SpinCo Financing Arrangements Tax Treatment, unless, and then only to the extent, an alternative position is required pursuant to a Final
Determination.

Section 3.05 . The Company shall make a timely election under Section 336(e) of
the Code (and any corresponding election under state Tax Law (a “”)) for SpinCo as SpinCo may request of the Company in writing. The Parties shall consider and discuss in good faith making
(i) a Section 336(e) Election for any Subsidiary member of the SpinCo Group and (ii) an election under Treasury Regulations Section 1.1502-13(f)(5)(ii) (and any corresponding election under
state Tax Law (each, a “”)) with respect to the distribution of equity interests in any such Subsidiary member, in each case, upon
receipt from SpinCo of a written request for any such election, together with details regarding the anticipated consequences thereof, that the Company shall not unreasonably withhold, condition or delay its consent to any such
request. To the extent the Parties pursue any Section 336(e) Election or Section 1.1502-13(f)(5)(ii) Election in accordance with this , SpinCo shall be
responsible for the preparation of any documentation as may be contemplated by applicable Tax Law or administrative practice to effect such Section 336(e) Elections and Section 1.1502-13(f)(5)(ii)
Elections, including (i) written, binding agreements satisfying the requirements of Treasury Regulations Section 1.336-2(h)(1)(i), (ii) election statements satisfying the requirements of Treasury
Regulations Sections 1.336-2(h)(5) and (h)(6), and (iii) election statements satisfying the requirements of Treasury Regulations
Section 1.1502-13(f)(5)(ii)(E). SpinCo shall provide drafts of any such documentation to the Company for its review and comment at least 45 days prior to the due date for filing such documentation or as
promptly as practicable thereafter. The Company and SpinCo shall cooperate with one another (and shall cause the respective members of the