Company: WBD
Filing Date: 2025-02-27
Form Type: S-3ASR
Source: 0001193125-25-039203
Chunk: 22

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-02-27
Form: S-3ASR
Chunk 22
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 debt securities will be subordinated to the extent provided in the subordinated indenture in right of payment to the prior payment in full of all such issuer’s Senior Indebtedness. Because of this subordination, if such issuer dissolves or otherwise liquidates, holders of its subordinated debt securities may receive less, ratably, than holders of such issuer’s Senior Indebtedness. The subordination provisions do not prevent the occurrence of an event of default under the subordinated indenture. The term “Senior Indebtedness” of a person means with respect to such person the principal of, premium, if any, interest on, and any other payment due pursuant to any of the following, whether outstanding on the date of the subordinated indenture or incurred by that person in the future:

| • |     | all of the indebtedness of that person for money borrowed; |

| • |     | all of the indebtedness of that person evidenced by notes, debentures, bonds or other securities sold by that 
 person for money;                                                                                             |

| • |     | all of the lease obligations which are capitalized on the books of that person in accordance with generally 
 accepted accounting principles;                                                                             |

| • |     | all indebtedness of others of the kinds described in the first two bullet points above and all lease obligations                                                                                                                                       
 of others of the kind described in the third bullet point above that the person, in any manner, assumes or guarantees or that the person in effect guarantees through an agreement to purchase, whether that agreement is contingent or otherwise; and |

| • |     | all renewals, extensions or refundings of indebtedness of the kinds described in the first, second or fourth                  
 bullet point above and all renewals or extensions of leases of the kinds described in the third or fourth bullet point above; |

16

unless, in the case of any particular indebtedness, lease, renewal, extension or refunding,
the instrument or lease creating or evidencing it or the assumption or guarantee relating to it expressly provides that such indebtedness, lease, renewal, extension or refunding is not superior in right of payment to the subordinated debt
securities. The applicable issuer’s senior debt securities constitute Senior Indebtedness for purposes of the subordinated debt indenture.

Conversion or Exchange Rights

Debt
securities may be convertible into or exchangeable for other securities or property of the applicable issuer. The terms and conditions, if applicable, of conversion or exchange will be set forth in the