Company: WBD
Filing Date: 2025-02-27
Form Type: S-3ASR
Source: 0001193125-25-039203
Chunk: 32

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-02-27
Form: S-3ASR
Chunk 32
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 except in circumstances involving:

| • |     | any breach of the director’s duty of loyalty to WBD or its stockholders; |

| • |     | acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of the law; |

| • |     | Section 174 of the DGCL (unlawful dividends, repurchases or redemptions); or |

| • |     | any transaction from which the director derived an improper personal benefit. |

The principal effect of these limitation of liability provisions is that a WBD stockholder is unable to prosecute an action for monetary damages against a director unless the stockholder can demonstrate a basis for liability as set forth in the exceptions above. These provisions, however, do not limit or eliminate WBD’s rights or any WBD stockholder’s rights to seek non-monetaryrelief, such as an injunction or rescission, in the event of breach of a director’s fiduciary duty. These provisions do not alter a director’s liability under U.S. federal securities laws. In addition, provisions in the WBD bylaws provide that WBD will indemnify any director or officer who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or 22

proceeding, whether civil, criminal, administrative or investigative, including any action or suit by WBD or in its right, by reason of the fact that such person is or was a director or officer
of WBD, or while such person is or was a director or officer of WBD, is or was serving at WBD’s request as a director, officer, employee or agent of another corporation or other enterprise, against all liabilities and losses, judgments, fines,
penalties, excise taxes, amounts paid in settlement and costs, charges and expenses (including attorneys’ fees and disbursements), in each case only if and to the extent permitted under applicable state or federal law.

The inclusion of these limitation of liability and indemnification provisions in the WBD charter and WBD bylaws may discourage or deter WBD
stockholders or WBD management from bringing a lawsuit against directors or officers, even though such an action, if successful, might otherwise have benefited WBD and its stockholders. Your investment may also be adversely affected to the extent
that, in a class action or direct suit, WBD pays the costs of settlement and damage awards against directors and officers pursuant to the indemnification provisions in the WBD