Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 335

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 335
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 not know the identity of any shareholder from which its stock is redeemed or
repurchased and (vi) the aggregate amount of repurchases or redemptions will not equal or exceed twenty percent (20%) of the outstanding SpinCo Shares.

“” means any transaction undertaken pursuant to the Internal Restructuring
that is described in hereto.

“” has the meaning provided in the preamble to this Agreement.

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

“” means the active conduct (as defined in Section 355(b)(2) of the Code and the
Treasury Regulations thereunder) of the SpinCo ATB as conducted immediately prior to the Distribution by the SpinCo SAG.

“” has the meaning set forth on hereto.

10

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

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

“” means any net operating loss, net capital loss, excess Tax credit, or other similar Tax Item of any
member of the SpinCo Group that may or must be carried from one Tax Period to a prior Tax Period under the Code or other applicable Tax Law.

“” has the meaning set forth in .

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

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

“” means (i) SpinCo and each of its Subsidiaries immediately following the
Distribution and (ii) any Person that has been merged or consolidated with or into, or converted into, any Person described in clause () hereof, other than any such Person that is a member of the Company Group immediately following
the Distribution.

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

“” means the separate affiliated group of SpinCo, within the meaning of Section 355(b)(3)(B) of the Code.

“” means the application of Section 355(e) of the Code to the
Distribution as a result of the Distribution being part of a plan (or series of related transactions), or any agreement, understanding or arrangement (within the meaning of Section 355(e) of the Code and Treasury Regulations Section 1.355-7), pursuant to which one (1) or more Persons acquire directly or indirectly stock representing a 50-percent or greater interest in SpinCo or any
successor corporation (within the meaning of Section 355(e) of the Code).

“” means any Tax
Return (other than a Combined Return) of or including a