Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 59

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 59
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 rules and regulations of the SEC with respect thereto.

(f) Neither Buyer nor any of its consolidated Subsidiaries is a party to or has any obligation or other commitment to become a party to any
securitization transaction, off-balance sheet partnership or any similar Contract (including any structured finance, special purpose or limited purpose entity, or any
“off-balance sheet arrangements” (as defined in Item 303(a) of Regulation S-K under the Exchange Act)) where the result, purpose or intended effect of
such Contract is to avoid disclosure of any material transaction involving, or material liabilities of, Buyer in any of Buyer’s published financial statements or other Buyer Reports.

Section 5.6 .

(a) Since September 30, 2025, and through the date of this Agreement, there has not been any Effect that, individually or in the
aggregate, has had a Buyer Material Adverse Effect.

(b) Since September 30, 2025, and through the date of this Agreement,
(i) the business of Buyer and its Subsidiaries has been conducted in the Ordinary Course in all material respects and (ii) there has not been any material damage, destruction or other casualty loss with respect to any material asset of
Buyer or its Subsidiaries, whether or not covered by insurance.

Section 5.7 .

(a) As of the date of this Agreement, there are no, Proceedings pending or, to the Knowledge of Buyer, threatened against Buyer or its
Subsidiaries, except for those that would not, individually or in the aggregate, have a Buyer Material Adverse Effect.

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(b) There are no obligations or liabilities of Buyer or its Subsidiaries, whether or not
accrued, contingent or otherwise other than obligations or liabilities (i) disclosed, reflected, reserved against or otherwise provided for in the consolidated balance sheet of Buyer as of December 31, 2024 and the notes thereto set forth
in Buyer’s annual report on Form 10-K for the fiscal year ended December 31, 2024, (ii) incurred in the Ordinary Course since December 31, 2024, (iii) arising out of this Agreement (and which
do not arise out of a breach by Buyer or Merger Sub of any representation or warranty in this Agreement) or third-party service provider obligations incurred in connection with the Transactions, (iv) incurred pursuant to Contracts or Licenses
binding on Buyer or any of its Sub