Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 116

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 116
---
 available Committed Financing, to pay the Required Amounts, (x )(i) impose new or additional conditions precedent to
the initial funding of the Committed Financing other than as set forth in the Debt Commitment Letter (as in effect on the date of this Agreement) or (ii) otherwise modify the conditions precedent to the initial funding of the Committed
Financing (as in effect on the date of this Agreement) in a manner reasonably expected to delay, prevent or impede the funding of the Committed Financing (or satisfaction of the conditions precedent to the Committed Financing) on the Closing Date or
make such funding materially less likely to occur, (y) delay in any material respect the Closing Date or (z) adversely affect the ability of Buyer to enforce its rights against the other parties to the Debt Commitment Letter (the effect
described in through (), a “”); ,, Buyer may amend, modify, supplement or waive any provision of the Commitment Letter (A) to add
lenders, lead arrangers, bookrunners, syndication agents or similar entities that have not executed the Debt Commitment Letter as of the date of this Agreement, in each case, as contemplated by the Debt Commitment Letter on the date of this
Agreement or (B) to reduce or terminate the commitments thereunder as a result of (x) Buyer’s receipt of commitments in connection with an alternative financing which will generate, or (y) Buyer’s consummation of an
alternative financing which provides Buyer, taken together with other sources of funds immediately available to Buyer and any other Committed Financing, with sufficient funds necessary to pay the Required Amounts at Closing, in each case in any
manner that does not result in a Prohibited Modification. As soon as reasonably practicable, Buyer will provide the Company with true and complete executed copies of any amendment or supplement to, or modification or replacement of or waiver under,
the Commitment Letter (subject, in the case of any fee letters, to redaction solely of fee and other economic provisions that are customarily

-68-

redacted in connection with transactions of this type and none of which would be reasonably expected to impact the conditionality or amount of the Financing) made in compliance with this
. Upon any such amendment, modification, supplement, replacement, waiver or consummation of an alternative financing, (A) the definitions of “Debt Commitment Letter,” “Debt Fee Letter” and/or
“Financing,” as applicable, set