Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 113

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 113
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ARTICLE VII

CONDITIONS

Section 7.1
. The respective obligation of each Party to consummate the Merger is subject to the satisfaction or waiver at or prior to the Closing of each of the following conditions:

(a) . The Separation and Distribution shall have been consummated in all material respects in accordance with
the principal terms of the Separation and Distribution Agreement.

(b) . The Company
Stockholder Approval shall have been obtained.

(c) . The shares of Buyer Common Stock issuable to the holders of shares of
Company Stock pursuant to this Agreement shall have been authorized for listing on NASDAQ upon official notice of issuance.

(d)
. (i) Any applicable waiting period under the HSR Act relating to the Merger shall have expired or been terminated, and any commitments not to close any of the transactions contemplated by this Agreement before a
certain date under a timing agreement entered into by the Parties with any Governmental Entity shall have expired or been terminated; and (ii) any applicable mandatory waiting period, clearance or affirmative approval of any governmental body,
agency or authority or other condition set forth in of the Buyer Disclosure Letter shall have expired or been obtained.

(e) . No Governmental Entity shall after the date of this Agreement have enacted, issued or promulgated any
Law or Governmental Order that is in effect and that restrains, enjoins or otherwise prohibits the consummation of the Merger.

(f)
. The Registration Statement shall have become effective in accordance with the provisions of the Securities Act. No stop order suspending the effectiveness of the Registration Statement shall have been issued and remain
in effect, and no Proceedings for that purpose shall have commenced or be threatened in writing by the SEC, unless subsequently withdrawn.

Section 7.2 . The obligation of the Company to effect the Merger is
further subject to the satisfaction (or waiver by the Company to the extent permitted by applicable Law) of the following conditions:

(a)
(i) The representations and warranties of Buyer and Merger Sub set forth in (Capital Structure), (Capital Structure of Merger Sub) and
(Absence of Certain Changes) shall be true and correct, at and as of the Closing, as if made at and as of such time (except to the extent expressly made as of an earlier date, in which case as of such date),
in each case, except for de minimis inaccuracies; (ii) the representations and warranties of Buyer and Merger Sub set forth in the first sentence of (