Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 172

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 172
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) and (b) by its nature would not reasonably have been foreseen by such Party (or such Person) or, if it would reasonably have been foreseen, was beyond the control of such Party, and may include acts of God, acts of civil or military authority, embargoes, pandemics, epidemics, wars, riots, protests or civil unrest, insurrections, fires, explosions, earthquakes, floods, government shutdowns, travel restrictions, unusually severe weather conditions, labor problems or the response of any Governmental Authority to any of the foregoing, or, in the case of computer systems, any significant and prolonged failure in electrical or air conditioning equipment. Notwithstanding the foregoing, the receipt by a Party of an unsolicited takeover offer or other acquisition proposal, even if unforeseen or unavoidable, and such Party’s response thereto shall not be deemed an event of Force Majeure.

| 2 | Note to Draft: Subject to tax structure, including debt assumption by the Company. |

12

“” shall mean the registration statement on Form 10 (which
includes the Information Statement) filed by SpinCo with the SEC to effect the registration of SpinCo Shares pursuant to the Exchange Act in connection with the Distribution, as such registration statement may be amended or supplemented from time to
time prior to the Distribution.

“” shall mean any nation or government, any territory, state,
municipality or other political subdivision thereof, and any entity, body, agency, commission, department, board, bureau, court, tribunal, arbitration panel or other instrumentality, whether federal, state, provincial, local, domestic, foreign,
supranational or multinational, exercising executive, legislative, judicial, regulatory, administrative or other similar functions of, or pertaining to, government and any executive official thereof, including Nasdaq and any similar self-regulatory
body under applicable securities Laws.

“” shall mean either the Company Group or the SpinCo Group, as the context
requires.

“” shall have the meaning set forth in .

“” shall have the meaning set forth in .

“” shall have the meaning set forth in .

“” shall mean all information and data, in written, oral, electronic or other forms, stored in any medium,
including all information or data included in studies, reports, records, books, contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications, drawings,
blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data