Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 338

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 338
---
payment interest within the meaning of Section 6611
of the Code or any similar provision under applicable Tax Law (whether paid by way of a refund or credited against any liability for related Taxes).

“” or “” means any report of Taxes due, any claim for refund of Taxes paid, any
information return with respect to Taxes, any documentation with respect to transfer pricing or any other similar report, statement, declaration, or document filed or required to be filed under the Code or other Tax Law with respect to Taxes,
including any attachments, exhibits, or other materials submitted with any of the foregoing, and including any amendments or supplements to any of the foregoing.

13

“” means any or all of the Contribution, the Distribution and
the Debt-for-Debt Exchange.

“” means all sales, use, value added, goods and services, privilege, transfer (including real property transfer), turnover, intangible, recordation, registration, documentary, stamp, customs duty or similar Taxes attributable to or
arising as a result of the Transactions or the Internal Restructuring (including any such taxes attributable to or arising as a result of the transfer of any asset or the assumption of any liability pursuant to
, or of the Separation Agreement, but excluding any such taxes the payment or reimbursement of which is expressly addressed by
the Merger Agreement, the Separation Agreement or any Ancillary Agreement).

“” means the
regulations promulgated from time to time under the Code as in effect for the relevant Tax Period.

“” means any unqualified “will” opinion (or for purposes of , any “should” opinion) of a Tax Advisor to the effect that a transaction will not (or for purposes of
, should not) adversely affect the Intended U.S. Tax Treatment (assuming that the Transactions and the Specified U.S. Internal Restructuring Transactions would have qualified for the Intended U.S. Tax
Treatment if the transaction in question did not occur).

Section 2. . From and after the
Distribution Date:

Section 2.01 . Except as otherwise provided in
or , Taxes shall be allocated between the Company and SpinCo as follows:

(a) The Company
shall be allocated (i) all Taxes reported, or required to be reported, on a Combined Return with respect to which a member of the Company Group is the common parent (a “”) for any Tax Period,
(ii) for any Combined Return with respect to which a member of the SpinCo Group is the common parent