Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 6

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 6
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 Delaware corporation and a wholly owned Subsidiary of Buyer
(“”), and New Topco 25, Inc., a Delaware corporation and a wholly owned Subsidiary of the Company (“” and, together with the Company, Buyer and Merger Sub, the “”
and each, a “”).

RECITALS

WHEREAS, prior to the Closing Date and following the receipt of the Company Stockholder Approval, the Company will effect or cause to be
effected the following internal restructuring transactions, in the following order: (i) the Company will assign to the New Company, and will cause the New Company to assume, all of the Company’s rights, obligations and responsibilities
under this Agreement and provide written notice to Buyer and the New Company of such assignment and assumption and thereupon the New Company will, among other things, replace the Company as a constituent corporation in the Merger and the New Company
and Merger Sub will be, for all purposes under the General Corporation Law of the State of Delaware (the “”), the only constituent corporations in the Merger, and the New Company will be the Surviving Corporation in the Merger
(the “”), (ii) immediately following the New Company Substitution, the Company, as the sole stockholder of the New Company, will execute and deliver a written consent in accordance with Section 228 of
the DGCL approving the Merger and adopting this Agreement (the “”), (iii) immediately following execution and delivery of the New Company Stockholder Consent, the Company will cause a new Delaware
corporation formed by the New Company to merge with and into the Company (the “”), in accordance with Section 251(g) of the DGCL, with the Company surviving as a wholly owned Subsidiary of the New Company and
with the stockholders of the Company immediately prior to the effective time of the Holdco Merger becoming the stockholders of the New Company at and following the effective time of the Holdco Merger, and (iv) effective immediately following
the Holdco Merger, the New Company will cause the Company to convert into a Delaware limited liability company (the “” and, together with the Holdco Merger, the “”);

WHEREAS, the Holdco Reorganization is intended to qualify as a reorganization pursuant to Section 368(a)(1)(F) of the Code;

WHEREAS, the New Company will not have any rights or obligations under this Agreement prior to the effectiveness of the completion of the
Holdco