Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 331

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 331
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, (B) the triggering or recapturing of any deferred gain or similar items (e.g., including pursuant to a gain recognition agreement or dual consolidated loss election) that are not excludable
by reason of the tax-free status of the Contribution and the Distribution, (C) any cash received in lieu of fractional shares with respect to SpinCo Sharesor(D) any indebtedness
assumed (or deemed assumed) by SpinCo in connection with the Contribution to the extent that the amount of such indebtedness exceeds the Company’s adjusted tax basis in the SpinCo Assets transferred (or deemed transferred) to SpinCo in
connection with the Contribution, (ii) none of Section 355(d) or (e) will apply to the Distribution, and (iii) the qualification of any Debt-for-Debt
Exchange as a transfer of “qualified property” to Company Group creditors in connection with the reorganization within the meaning of Section 361(c) of the Code, (b) if the Merger is consummated, the treatment of the
Distribution as a distribution to which Section 311(b) of the Code applies and (c) the qualification of any Specified U.S. Internal Restructuring Transaction for the U.S. federal income tax treatment set forth on Part I of .

6

“” has the meaning set forth in the Separation
Agreement.

“” means, with respect to any Production Incentive, the legal entity that is entitled (taking into
account any contractual or similar arrangements) to the benefits of, and bears the burdens of, the applicable production that gave rise to the Production Incentive.

“” means the U.S. Internal Revenue Service or any successor agency.

“” has the meaning set forth in of this Agreement.

“” has the meaning set forth in the Separation Agreement.

“” has the meaning set forth in the Separation Agreement.

“” has the meaning set forth in the Separation Agreement.

“” has the meaning set forth in the Separation Agreement.

“” means (i) with respect to any Combined Return or
Separate Return, the Party that is not responsible for the preparation and filing of the Combined Return or Separate Return, as applicable, pursuant to and (ii) with respect to any Tax Contest, the Party that
does not control such Tax Contest pursuant to

“” has the
meaning set forth in of this Agreement.

“” and
“” have the meaning set forth in the preamble to this Agreement.

“