Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 323

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 323
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SpinCo Separate Return.

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

“” has the meaning set forth in the recitals to this Agreement.

“” means all Taxes attributable to or arising as a result of the Transactions or the Internal
Restructuring, excluding Transfer Taxes.

“” means repurchases or redemptions by
SpinCo that satisfy the following criteria: (i) the repurchase or redemption is motivated by a non-tax business purpose that is unrelated to the Distribution, (ii) the stock to be repurchased or
redeemed is widely held, (iii) the repurchase or redemption is made in the open market or from or through a securities brokerage or investment bank that is not related to SpinCo at an agreed price or formula (including through a call option or
derivative), as part of a repurchase program (including an accelerated share repurchase program) in which the securities brokerage or investment bank purchases shares of stock of SpinCo from anonymous sellers, (iv) the repurchase or redemption
is not motivated to any extent by a desire to increase or decrease the ownership percentage of any particular shareholder or group of shareholders, (v) SpinCo will 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