Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 159

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 159
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 liability company or similar entity), employee, consultant, investment banker, financial advisor, legal counsel,
attorneys-in-fact, accountant or other advisor, agent or other representative of such person, in each case acting in their capacity as such.

“” means the registration statement on Form S-4 to be filed
by Buyer with the SEC to effect the registration under the Securities Act of the issuance of the shares of Buyer Common Stock pursuant to the Merger, as such registration statement may be amended or supplemented from time to time.

“” has the meaning given to such term in the Separation and Distribution Agreement.

“” means the Company Assets (as defined in the Separation and Distribution Agreement).

“” means the Company Business (as defined in the Separation and Distribution Agreement).

“” means the Company and each of its Subsidiaries (other than any member, or contemplated member, of the
Spinco Group).

“” has the same meaning as Company Group Employee as set forth in the Employee
Matters Agreement.

Annex A-14

“” means each “employee benefit plan” (as
defined in Section 3(3) of ERISA) and each other bonus, commission, stock option, stock appreciation right, restricted stock, restricted stock unit, performance stock unit, stock purchase or other
equity-based, incentive compensation, profit sharing, savings, retirement, disability, vacation, deferred compensation, severance, separation, termination, retention, change of control, stay bonus and other
similar material plan, program, agreement or arrangement that is maintained or contributed to by any Post-Separation Retained Entity or with respect to which any Post-Separation Retained Entity would reasonably be expected to have any liability,
other than any such plan, scheme or arrangement (i) that is sponsored or maintained by, or provided through, a Governmental Entity or Labor Union, (ii) that any Post-Separation Retained Entity is required by Law to maintain or contribute
to or (iii) any Multiemployer Plan.

“” means the Sarbanes-Oxley Act of 2002.

“” means the U.S. Securities and Exchange Commission.

“” means the Securities Act of 1933, as amended.

“” means (a) with respect to the Post-Separation Retained Entities, any of the executive officers (as
such term is defined in the Exchange Act) of the Post-Separation Retained Entities and, (b) with respect to Buyer, any