Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 324

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 324
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 Agreement.

“” means (i) SpinCo and each of its Subsidiaries immediately following the
Distribution and (ii) any Person that has been merged or consolidated with or into, or converted into, any Person described in clause () hereof, other than any such Person that is a member of the Company Group immediately following
the Distribution.

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

“” means the separate affiliated group of SpinCo, within the meaning of Section 355(b)(3)(B) of the Code.

“” means the application of Section 355(e) of the Code to the
Distribution as a result of the Distribution being part of a plan (or series of related transactions), or any agreement, understanding or arrangement (within the meaning of Section 355(e) of the Code and Treasury Regulations Section 1.355-7), pursuant to which one (1) or more Persons acquire directly or indirectly stock representing a 50-percent or greater interest in SpinCo or any
successor corporation (within the meaning of Section 355(e) of the Code).

“” means any Tax
Return (other than a Combined Return) of or including a member of the SpinCo Group and that does not include any member of the Company Group.

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

“” means (i) any breach or non-performance by SpinCo of any
of its covenants set forth in (regardless of whether an Unqualified Tax Opinion, IRS Ruling or waiver described in clause (A), (B) or (C) of or may
have been provided) or any breach by SpinCo of any of its representations in

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, (ii) a SpinCo Section 355(e) Event or (iii) any acquisition, after the Distribution Effective Time, of all or a portion of the Capital Stock
and/or assets of SpinCo and/or any of its Subsidiaries by any means whatsoever by any Person, that, for the avoidance of doubt, any actions required to be taken by SpinCo or any member of the SpinCo Group under the Separation
Agreement, the Merger Agreement or any Ancillary Agreement shall not be treated as a SpinCo Tainting Act.

“” means the representation letters of officers of SpinCo delivered by, or on behalf of, SpinCo to a Tax Advisor in connection with the issuance by such Tax Advisor of a Tax Opinion in connection with the Transactions
or the Specified