Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 328

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 328
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 ATB as conducted immediately prior to the Distribution by the Company SAG.

“” has the meaning set forth in of this Agreement.

“” has the meaning set forth on hereto.

“” has the meaning set forth in the Separation Agreement.

3

“” has the meaning set forth in the Separation Agreement.

“” has the meaning set forth in .

“” means the Company and each Person (other than SpinCo or any other members of the SpinCo Group) that is a
direct or indirect Subsidiary of the Company immediately prior to the Distribution, and each Person that becomes a Subsidiary of the Company after the Distribution.

“” means the separate affiliated group of the Company, within the meaning of Section 355(b)(3)(B) of the
Code.

“” means the application of Section 355(e) of the Code to
the Distribution as a result of the Distribution being part of a plan (or series of related transactions), or any agreement, understanding or arrangement (within the meaning of Section 355(e) of the Code and Treasury Regulations Section 1.355-7), pursuant to which one (1) or more Persons acquire directly or indirectly stock representing a 50-percent or greater interest in the Company or any
successor corporation (within the meaning of Section 355(e) of the Code), other than solely as a result of the consummation of the Merger.

“” means any Tax Return (other than a Combined Return) of or including a member of the Company Group
that does not include any member of the SpinCo Group.

“” has the meaning set forth in the Separation
Agreement.

“” means (i) any breach or non-performance
by the Company of any of its covenants set forth in or any breach by the Company of any of its representations set forth in , (ii) a Company Section 355(e) Event or
(iii) the failure of the Company SAG to continue and cause to be continued the Company Active Trade or Business, that, for the avoidance of doubt, any actions required to be taken by the Company or any member of the
Company Group under the Separation Agreement, the Merger Agreement or any Ancillary Agreement shall not be treated as a Company Tainting Act.

“” means the representation letters of officers of the Company (or a member of the
Company Group) delivered by, or on behalf of, the Company (or a member of the Company Group) to