Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 178

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 178
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 of business on the date to be determined by the Company Board as the record date for
determining holders of the Company Shares entitled to receive SpinCo Shares in the Distribution.

“”
shall mean the holders of record of the Company Shares as of the Record Date.

“” shall mean, with
respect to any Person, any of such Person’s directors, officers, employees, agents, consultants, advisors, accountants, attorneys, financing sources or other representatives.

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

“” shall mean the U.S. Securities and Exchange Commission.

“” shall mean any mortgage, security interest, pledge, lien, charge, claim, option, right to acquire,
voting or other restriction, right-of-way, covenant, condition, easement, encroachment, restriction on transfer or other encumbrance of any nature whatsoever.

“” shall have the meaning set forth in .

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

“” shall have the meaning set forth in .

“” shall mean all computer software, programs and applications, including software implementations of algorithms,
models and methodologies, application software, application programming interfaces, system software and firmware, including all source code and object code versions thereof.

“” shall mean Copyrights and other Intellectual Property rights (excluding Patents and Trademarks) in Software.

“” shall mean the amount set forth in corresponding to the date on such schedule
on which the Distribution Date occurs or such other amount as specified by the Company in accordance with .

“” shall have the meaning set forth in .

“” shall have the meaning set forth in .

18

“ SpinCo” shall have the meaning set forth in the Preamble. “ SpinCo Accounts” shall have the meaning set forth in Section 2.9(a). “ SpinCo Assets” shall have the meaning set forth in Section 2.2(a). “ SpinCo Business” shall mean the businesses, operations and activities (whether or not such businesses, operations or activities have been terminated, divested or discontinued) that constitute the Global Linear Networks (formerly Networks) segment of the Company as narratively described in the Annual Report on Form 10-Kof the Company for the fiscal year ending December 31, 2024 and as updated in the Quarterly Report on Form 10-Qof the Company for the period ending September 30, 2025, as constituted as of the date of this Agreement, as such businesses, operations and activities have been conducted at any