Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 165

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 165
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 obligation, indenture, instrument, lease, promise, arrangement, release, warranty, commitment, undertaking or
otherwise. It is expressly agreed that, prior to, at and after the Distribution Effective Time, for purposes of this Agreement and the Ancillary Agreements, (a) no member of the SpinCo Group shall be deemed to be an “Affiliate” of
any member of the Company Group and (b) no member of the Company Group shall be deemed to be an “Affiliate” of any member of the SpinCo Group.

“” shall mean the trust company or bank duly appointed by the Company to act as distribution agent, transfer agent and
registrar for the SpinCo Shares in connection with the Distribution.

“” shall have the meaning set forth in
the Preamble.

“” shall have the meaning set forth in
.

“” shall mean the following agreements entered into by
the Parties or members of their respective Groups in connection with the Separation, the Distribution or the other transactions contemplated by this Agreement: (a) the Transition Services Agreement, (b) the Tax Matters Agreement,
(c) the Employee Matters Agreement, (d) the Intellectual Property Matters Agreement, (e) the Commercial Agreements, (f) the Leases, and (g) the Transfer Documents and (h) the Data Processing Agreement.

“” shall mean any consents, waivers, approvals, permits or authorizations to be obtained from,
notices, registrations or reports to be submitted to, or other filings to be made with, any Third Party, including any Governmental Authority, in connection with the Separation, the Distribution or the other transactions contemplated by this
Agreement.

“” shall mean, with respect to any Person, the assets, properties, claims and rights (including
goodwill) of such Person, wherever located (including in the possession of vendors or other Third Parties or elsewhere), of every kind, character and description, whether real, personal or mixed, tangible, intangible or contingent, in each case
whether or not recorded or reflected or required to be recorded or reflected on the books and records or financial statements of such Person, including rights and benefits pursuant to any contract, license, permit, indenture, note, bond, mortgage,
agreement, concession, franchise, instrument, undertaking, commitment, understanding or other arrangement.

6

“” shall mean either the Company Business or the SpinCo Business,
as the context requires.

“” shall have the meaning set forth in
.

“”