Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 178

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 178
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 of all Liabilities set forth on
;

(iii) all Liabilities that are expressly provided by this Agreement or any
Ancillary Agreement as Liabilities to be assumed by the Company or any other member of the Company Group, including all Liabilities under the Company Financing Arrangements and all fees, costs and expenses that are specifically attributable to
preparing for or consummating the Debt-for-Debt Exchange, and all agreements, obligations and Liabilities of any member of the Company Group under this Agreement or any
of the Ancillary Agreements; and

(iv) (A) all Liabilities arising out of litigation or other claims made by any Third
Party (including the Company’s or SpinCo’s respective directors, officers, stockholders, employees or agents) against, or any investigations, sanctions or orders of any Governmental Authority in respect of or binding upon, any member of
the Company Group or the SpinCo Group to the extent (1) the facts underlying such litigation, claim, investigation, sanction or order relate to, arise out of or result from the conduct of the Company Business, the Company Assets or the other
business, operations, activities or Liabilities referred to in 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