Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 200

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 200
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 the signing of this Agreement. |

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(c) In connection with the Contribution, the Company intends to cause the Debt-for-Debt Exchange to be effected. Each of SpinCo and the Company shall cooperate with the other party to accomplish the Debt-for-Debt Exchange and shall, at the Company’s direction, use its reasonable best efforts to promptly take all actions reasonably necessary or desirable to effect the Debt-for-Debt Exchange, including any Customary Offering Actions. The Company shall select any investment bank or manager in connection with the Debt-for-Debt
Exchange, as well as any financial printer, solicitation or exchange agent and financial, legal, accounting and other advisors for the Company in connection with the Debt-for-Debt Exchange.

3.2 . Prior to the Distribution Effective Time and subject to the terms and conditions set forth
herein, the Parties shall take, or cause to be taken, the following actions in connection with the Distribution:

(a)
Notice to Nasdaq. The Company shall, to the extent possible, give the Nasdaq advance notice of the Record Date in compliance with Rule 10b-17 under the Exchange Act.

(b) SpinCo Certificate of Incorporation and SpinCo Bylaws. On or prior to the Distribution Date, the Company and SpinCo
shall take all necessary actions so that, as of the Distribution Effective Time, the SpinCo Certificate of Incorporation and the SpinCo Bylaws shall become the certificate of incorporation and bylaws of SpinCo, respectively.

(c) SpinCo Directors and Officers. On or prior to the Distribution Date, the Company and SpinCo shall take all necessary
actions so that as of the Distribution Effective Time: (i) the directors and executive officers of SpinCo shall be those set forth in the Information Statement made available to the Record Holders prior to the Distribution Date, unless
otherwise agreed by the Parties; (ii) each individual referred to in clause (i) shall have resigned from his or her position, if any, as a member of the Company Board or as an executive officer of the Company; and (iii) SpinCo shall
have such other officers as SpinCo shall appoint.

(d) Stock Exchange Listing. SpinCo shall prepare and file, and
shall use its reasonable best efforts to have approved, an application for the listing of the SpinCo Shares to be distributed in the Distribution on Nasdaq, NYSE or such other national securities exchange as selected in the Company’s sole
discretion, subject to official notice of distribution.

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