Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 40

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 40
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 the extent relating to the Retained Business), the Retained Entities are, and since the Applicable Date,
have been, subject to any actual, pending or, to the Knowledge of the Company, threatened Proceedings, demands, notices of violation, demand letters, settlements or enforcement actions, or made any voluntary disclosures to any Governmental Entity,
involving the Retained Business or any of the Retained Entities relating to the Export and Sanctions Regulations.

(h) Except as would
not, individually or in the aggregate, have a Company Material Adverse Effect, the Spinco Entities (to the extent relating to the Retained Business) and the Retained Entities are in compliance with the rules and regulations of all performing rights
societies and industry guilds applicable to their operations.

Section 4.10 . Except as listed on
of the Company Disclosure Letter, the Retained Assets, when taken together with the transitional and operational services to be provided following the Closing to the Retained Entities under the Transition
Services Agreement or the other Transaction Documents and other actions contemplated by this Agreement, constitute all of the assets, properties and rights of the Company and its Subsidiaries (other than those related to Intellectual Property and
Information Technology, which are the subject of the representations and warranties set forth in ) necessary for the Retained Entities to conduct the Retained Business in all material respects as currently
conducted, assuming all filings, notices, reports, consents, registrations, approvals, permits, expirations of waiting periods or authorizations required in connection with the consummation of the Transactions and the transactions contemplated by
the other Transaction Documents have been made or obtained, as applicable, and all Licenses have been transferred.

Section 4.11
.

(a) of the Company Disclosure Letter sets forth a complete and
accurate list as of the date of this Agreement of each Contract (i) to which either the Company or any of its Subsidiaries is a party or bound which relates primarily to, imposes material obligations on, or is material to, the Retained
Business, in each case, other than Contracts solely among the Retained Entities (other than the Company JVs) and Contracts that do not constitute Retained Assets or Company Assumed Liabilities (in whole or in part), or (ii) to which, after
giving effect to the Separation, either the Company or any of the Retained Entities will be a party or otherwise bound (each such Contract, a “”), which:

(i