Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 154

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 154
---
, including the business,
operations and activities that constitute the Streaming segment and the Studios segment of the Company as narratively described in the Annual Report on Form 10-K of the Company for the fiscal year ending
December 31, 2024 and as updated in the Quarterly Report on Form 10-Q of the Company for the period ending September 30, 2025, as constituted as of the date of this Agreement, as such business,
operations and activities have been conducted at any time prior to the Distribution Effective Time by either Party or any current or former member of its Group (or any of their respective predecessors), including such businesses, operations and
activities at times when those of such segment as of the date of this Agreement were part of different segments; that, notwithstanding its inclusion or exclusion, as applicable, in the Streaming segment and the Studios segment, the
Company Business shall not include the business, operation and activities set forth on and shall include the business, operations and activities set forth on .

7

“” shall mean all contracts and agreements to which
either Party or any member of its Group is a party or by which it or any member of its Group or any of their respective Assets is bound, whether or not in writing, as of the Distribution Effective Time, other than the SpinCo Contracts, including the
following contracts and agreements ( that the Company Contracts shall not include any contracts or agreements listed on :

(a) (i) any contract or agreement with a Third Party entered into prior to the Distribution Effective Time primarily related to
the Company Business, including those listed on , (subject to clause (a)(ii) of the definition of “SpinCo Contracts”) and (ii) with respect to any contract or agreement entered into with a Third Party prior to
the Distribution Effective Time that relates to the Company Business (other than in a de minimis respect) but is not primarily related to the Company Business, that portion of any such contract or agreement that relates to the Company
Business;

(b) any contract or agreement that is otherwise expressly contemplated pursuant to this Agreement or any of the
Ancillary Agreements to be assigned to the Company or any member of the Company Group;

(c) any credit agreement,
indenture, note or other financing agreement or instrument entered into by the Company or any member of the Company Group in connection with the Separation, including any Company Financing Arrangements, provided that such agreements and instruments
shall not include any agreements or instruments pursuant to the terms of which the Company, and any such