Company: WBD
Filing Date: 2025-02-27
Form Type: S-3ASR
Source: 0001193125-25-039203
Chunk: 53

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-02-27
Form: S-3ASR
Chunk 53
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 of sale, at market prices prevailing at the time of sale, at prices relating to such prevailing market prices or at negotiated or fixed prices.

Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle
in one business day, unless the parties to any such trade expressly agree otherwise. The applicable prospectus supplement may provide that the settlement date for securities may be more than one business day after the trade date. Accordingly, in
such a case, if you wish to trade securities on any date prior to the business day before the settlement date for such securities, you will be required, by virtue of the fact that such securities initially are expected to settle in more than one
scheduled business day after the trade date, to make alternative settlement arrangements to prevent a failed settlement.

If 5% or more of
the net proceeds of any offering of securities made under this prospectus will be received by a member of the Financial Industry Regulatory Authority (“FINRA”) participating in the offering or affiliates or associated persons of such FINRA
member, the offering will be conducted in accordance with FINRA Rule 5121 (or any successor rule).

The securities may be new issues
of securities and may have no established trading market. The securities may or may not be listed on a national securities exchange. We can make no assurance as to the liquidity of or the existence of trading markets for any of the securities.

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In order to comply with the securities laws of some states, if applicable, the securities
may be sold in these jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the securities may not be sold unless they have been registered or qualified for sale or any exemption from registration or
qualification requirements is available and is complied with.

40

LEGAL MATTERS

Unless the applicable prospectus supplement indicates otherwise, the validity of the securities in respect of which this prospectus is being
delivered will be passed upon by Debevoise & Plimpton LLP, particular matters with respect to Delaware law will be passed upon by Potter Anderson & Corroon LLP and particular matters with respect to Ohio law will be passed upon by
Womble Bond Dickinson (US) LLP.

EXPERTS

The financial statements and management’s assessment of the effectiveness of internal control over financial reporting (which is included
in Management’s Report on Internal Control over Financial Reporting) incorporated in this prospectus by reference to the Annual Report on Form 10-K for the year ended December 31