Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 131

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 131
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 |     | Name:              |     | Bruce Campbell                     |
|                    |     | Title:             |     | Chief Revenue and Strategy Officer |

[ Signature Page to Agreement and Plan of Merger]

| Netflix, Inc.         |     |                  |     |                            |
| By                    |     | /s/ Ted Sarandos |     |                            |
|                       |     | Name:            |     | Ted Sarandos               |
|                       |     | Title:           |     | Co-Chief Executive Officer |
| Nightingale Sub, Inc. |     |                  |     |                            |
| By                    |     | /s/ Ted Sarandos |     |                            |
|                       |     | Name:            |     | Ted Sarandos               |
|                       |     | Title:           |     | President                  |

[ Signature Page to Agreement and Plan of Merger]

Annex A

Certain Definitions

“” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under
common control with such Person (for purposes of this definition, the term “control” (including the correlative meanings of the terms “controlled by” and “under common control with”), as used with respect to any
Person, means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by Contract or otherwise). It is expressly agreed that
from and after the Distribution (i) each member of the Spinco Group shall be deemed not to be an Affiliate of any Retained Entity and (ii) each Retained Entity shall not be deemed to be an Affiliate of any member of the Spinco Group.

“” means Contracts for the distribution of video programming services, including linear networks and direct-to-consumer services, with any Person that distributes video services via any technology (including cable systems, SMATV, open video systems and MMDS, MDS and DBS
systems, wireless and broadband, or a video-on-demand or “over the top” service providers, and further including application distribution and the ingestion
of content comprising a service), and any correspondence or writings amending the foregoing.

“” means the
Sherman Antitrust Act of 1890, the Clayton Act of 1914, the HSR Act and all other United States or non-United States antitrust, competition or other Laws that are designed or intended to prohibit, restrict