Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 352

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 352
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 directs SpinCo to monetize such Production Incentive through a third-party sale or other transaction in which such Production

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Incentive is monetized at a discount, the discounted value of such Production Incentive so received by the SpinCo Group, in each case net of any reasonable out-of-pocket costs and expenses incurred by the SpinCo Group and any Taxes thereon, which SpinCo shall pay to the Company in accordance with .

Section 6. .

Section 6.01 .

(a) . SpinCo hereby represents and warrants or covenants and agrees, as appropriate, that the facts presented and the
representations made by SpinCo in the SpinCo Tax Representation Letters are or will be from the time presented or made through and including the Distribution Effective Time (and thereafter as relevant) true, correct and complete in all material
respects.

(b) . The Company hereby represents and warrants or covenants and agrees, as appropriate, that the facts
presented and the representations made by the Company in the Company Tax Representation Letters, are or will be from the time presented or made through and including the Distribution Effective Time (and thereafter as relevant) true, correct and
complete in all material respects.

(c) . Other than the Merger, each of the Company and SpinCo represents and
warrants that it is not aware of the existence of any reason, nor has it taken or agreed to take any action, that would reasonably be expected to prevent or impede the Transactions and the Specified U.S. Internal Restructuring Transactions from
qualifying for the Intended U.S. Tax Treatment described in clause () of the definition thereof. The Company represents and warrants that it is not aware of the existence of any acquisition (as such term is used in Section 355(e)
of the Code), other than the Merger, in connection with the transactions contemplated by the Separation Agreement.

(d) . Except as otherwise provided in , SpinCo agrees that, from the date hereof until the first Business Day after the two-year anniversary of the Distribution
Date, the SpinCo SAG will continue and cause to be continued the SpinCo Active Trade or Business.

Section 6.02 .

(a) SpinCo agrees that it will not take or fail to take, or permit any member of the SpinCo Group, as
the case may be, to take or fail to take, as applicable, any action where such action or failure to act would reasonably be expected to cause any material representation, warranty or