Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 170

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 170
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 in the definition of
Intellectual Property.

“” shall have the meaning set forth in the Merger Agreement.

“” shall have the meaning set forth in .

“” shall mean the entities set forth on .

“” shall mean the Transition Services Agreement to be entered into by and between the Company
and SpinCo or members of their respective Groups in connection with the Separation, the Distribution and the other transactions contemplated by this Agreement, substantially in the form set forth on , as it may be amended from time
to time in accordance with .

“” shall have the
meaning set forth in .

“” shall have the
meaning set forth in .

22

ARTICLE II

THE SEPARATION

2.1
.

(a) At or prior to the Distribution Effective Time, in accordance
with the Restructuring Plan, but subject to :

(i) Transfer and Assignment of SpinCo Assets. The Company shall, and shall cause the applicable members of its Group to, contribute, assign, transfer, convey or deliver to SpinCo, or the applicable SpinCo Designees, or take such steps as may be necessary for SpinCo or such
SpinCo Designees to succeed to, and SpinCo or such SpinCo Designees shall accept from the Company and the applicable members of the Company Group, all of the Company’s and such Company Group members’ respective direct or indirect right,
title and interest in and to all of the SpinCo Assets (it being understood that if any SpinCo Asset shall be held by a Transferred Entity, such SpinCo Asset shall have been assigned, transferred, conveyed and delivered to SpinCo as a result of the
transfer of all of the equity interests in such Transferred Entity from the Company or the applicable members of the Company Group to SpinCo or the applicable SpinCo Designee);

(ii) Acceptance and Assumption of SpinCo Liabilities. SpinCo or the applicable SpinCo Designees shall accept, assume,
agree faithfully to perform, discharge and fulfill, or succeed to, all the SpinCo Liabilities in accordance with their respective terms. SpinCo or such SpinCo Designees shall be responsible for all SpinCo Liabilities, regardless of when or where
such SpinCo Liabilities arose or arise, or whether the facts on which they are based occurred prior to or subsequent to the Distribution Effective Time, regardless of where or against whom such SpinCo Liabilities are asserted or determined
(including any SpinCo Liabilities arising out of claims made by the Company’s or SpinCo’s respective