Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 342

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 342
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(b) The Parties and their respective Affiliates shall elect to close the Tax Period of each SpinCo Group member on the
Distribution Date to the extent permitted by applicable Tax Law. Notwithstanding anything to the contrary in this Agreement, for all applicable Tax purposes, the Parties shall report any Extraordinary Transactions that are undertaken by any member
of the SpinCo Group on the Distribution Date after the Distribution Effective Time as occurring on the day after the Distribution Date to the extent permitted by Treasury Regulations
Section 1.1502-76(b)(1)(ii)(B) or any similar or analogous provision of state, local or non-U.S. Law.

Section 3.02 . Except as otherwise provided in this :

(a) . The Company shall timely prepare and file, or cause to be timely prepared and filed, all
Company Separate Returns and any SpinCo Separate Return that solely reflects any Taxes allocated to the Company pursuant to or .

(b) . SpinCo shall timely prepare and file, or cause to be timely prepared and filed, all SpinCo
Separate Returns (other than SpinCo Separate Returns described in ).

17

Section 3.03 . At the request of a Controlling Party,
the Non-Controlling Party shall provide to the Controlling Party any information about members of the Non-Controlling Party’s Group that the Controlling Party
needs to determine the amount of Taxes due on any Payment Date with respect to a Tax Return for which the Controlling Party is responsible pursuant to or and to properly and timely file all such Tax
Returns. Without limiting the generality of the foregoing, SpinCo shall provide the Company with all information necessary for the Company to properly and timely file all Combined Returns, including a customary consolidated return package,
reasonably in advance of the applicable due dates (including extensions) of such Combined Returns (and SpinCo shall use commercially reasonable efforts to meet any particular timing that may be reasonably requested by the Company for the provision
of any such information).

Section 3.04 .

(a) . Except as otherwise provided in this Agreement, and subject to , the Party
responsible for filing (or causing to be filed) a Tax Return pursuant to or shall have the exclusive right, in its sole discretion, with respect to such Tax Return to determine (i) the manner
in which such Tax Return shall be prepared and filed, including the methods, conventions, practices, principles, positions, and elections to be used and the manner in which any Tax Item shall be reported, (ii)