Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 343

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 343
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 or (C) the Company shall have waived in writing the requirement to obtain such Unqualified Tax Opinion or IRS Ruling (which waiver may
be withheld by the Company in its sole discretion).

(c) Except as otherwise provided in , SpinCo
agrees that the SpinCo Group shall not pre-pay, pay down, redeem or otherwise acquire (which shall not include any acquisition solely to effect an exchange of registered securities for unregistered securities)
any of the New SpinCo Debt Securities issued in connection with the Contribution within five years of the issuance of the New SpinCo Debt Securities or take or permit to be taken any other action at any time, including any modification to the terms
of the New SpinCo Debt Securities, that could reasonably be expected to jeopardize, directly or indirectly, the qualification, in whole or in part, of any of the New SpinCo Debt Securities as a “security” pursuant to Section 361 of
the Code, except to the extent that failure to take such an action would violate the terms of the New SpinCo Debt Securities or documents entered into in connection with the issuance thereof; unless prior to taking any such action, (A) SpinCo
shall have provided the Company with an Unqualified Tax Opinion in form and substance reasonably satisfactory to the Company (and in determining whether an opinion is reasonably satisfactory, the Company may consider, among other factors, the
appropriateness of any underlying assumptions and any representations used as a basis for the opinion), (B) SpinCo shall have requested that the Company obtain an IRS Ruling in accordance with to the effect
that such action will not adversely affect the Intended U.S. Tax Treatment described in clause (a) of the definition thereof, and the Company shall have received such IRS Ruling in form and substance reasonably satisfactory to the Company (and
in determining whether an IRS Ruling is reasonably satisfactory, the Company may consider, among other factors, the appropriateness of any underlying assumptions and representations made in connection with such IRS Ruling), or (C) the Company
shall have waived in writing the requirement to obtain such Unqualified Tax Opinion or IRS Ruling (which waiver may be withheld by the Company in its sole discretion).

28

Section 6.03 . The Company agrees that it will not take
or fail to take, or permit any member of the Company Group, as the case may be, to take or fail to take, as applicable, any action where such action or failure to act would reasonably be expected to cause any material representation