Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 215

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 215
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 occurred in all material respects as
contemplated by , and the transfer of the Company Assets (other than any Delayed Company Asset) and Company Liabilities (other than any Delayed Company Liability) contemplated to be transferred from SpinCo or the
applicable members of the SpinCo Group to the Company or the applicable members of the Company Group prior to the Distribution shall have occurred in all material respects as contemplated by , except for such
steps (if any) as the Company shall have determined need not be completed or may be completed after the Distribution Effective Time;

(vi) The actions and filings necessary under applicable U.S. federal, U.S. state or other securities Laws or blue sky Laws and
the rules and regulations thereunder shall have been taken or made and, where applicable, have become effective or been accepted by the applicable Governmental Authority;

(vii) (A) the New SpinCo Financing Arrangements shall have been consummated and funded in full in a manner consistent with the
Merger Agreement and (B) (x) the New Company Financing Arrangements shall have been consummated and funded in a manner consistent with or (y) the Company would not otherwise be in breach of the
Existing Company Bridge Loan Facility if the Distribution were to occur;

(viii) No Governmental Authority of competent
jurisdiction shall have issued or entered into any injunction or other decree, order, judgment, writ, stipulation, award or temporary restraining order, and no applicable Law shall have been enacted or promulgated, in each case that (whether
temporary or permanent) has the effect of enjoining or otherwise prohibiting the consummation of the Separation, the Distribution or any of the transactions related thereto;

(ix) Each of the Ancillary Agreements (other than the Transfer Documents) shall have been duly executed and delivered by the
applicable parties thereto; and

(x) The SpinCo Shares to be distributed in the Distribution shall have been accepted for
listing on Nasdaq, NYSE or such other national securities exchange as selected in the Company’s sole discretion, subject to official notice of distribution.

48

(b) The foregoing conditions are for the sole benefit of the Company and shall not give rise to or create any duty on the part of the Company or the Company Board to waive or not waive any such condition or in any way limit the Company’s right to terminate this Agreement as set forth in Article IXor alter the consequences of any such termination from those specified in Article IX. Any