Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 190

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 190
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 to the Distribution Effective Time,
any such Liabilities shall be Company Liabilities, and not SpinCo Liabilities.

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(b) Company Liabilities. For the purposes of this Agreement,
“” shall mean all Liabilities relating to, arising out of or resulting from the actions, inactions, events, omissions, conditions, facts or circumstances occurring or existing prior to the Distribution Effective
Time (whether or not such Liabilities cease being contingent, mature, become known, are asserted or foreseen, or accrue, in each case before, at or after the Distribution Effective Time) of any member of the Company Group and, prior to the
Distribution Effective Time, any member of the SpinCo Group, in each case that are not SpinCo Liabilities, including:

(i)
all Liabilities relating to, arising out of or resulting from the inactions, events, omissions, conditions, facts or circumstances occurring or existing prior to the Distribution Effective Time (whether or not such Liabilities cease being
contingent, mature, become known, are asserted or foreseen, or accrue, in each case before, at or after the Distribution Effective Time), in each case to the extent that such Liabilities relate to, arise out of or result from the Company Business or
a Company Asset;

(ii) the applicable portion of all Liabilities set forth on
;

(iii) all Liabilities that are expressly provided by this Agreement or any
Ancillary Agreement as Liabilities to be assumed by the Company or any other member of the Company Group, including all Liabilities under the Company Financing Arrangements and all fees, costs and expenses that are specifically attributable to
preparing for or consummating the Debt-for-Debt Exchange, and all agreements, obligations and Liabilities of any member of the Company Group under this Agreement or any
of the Ancillary Agreements; and

(iv) (A) all Liabilities arising out of litigation or other claims made by any Third
Party (including the Company’s or SpinCo’s respective directors, officers, stockholders, employees or agents) against, or any investigations, sanctions or orders of any Governmental Authority in respect of or binding upon, any member of
the Company Group or the SpinCo Group to the extent (1) the facts underlying such litigation, claim, investigation, sanction or order relate to, arise out of or result from the conduct of the Company Business, the Company Assets or the other
business, operations, activities or Liabilities referred to in