Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 202

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 202
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 declared the dividend of SpinCo Shares contemplated by the Distribution to the holders of Company Shares on the Record Date;

(ii) The SEC shall have declared effective the Form 10; no order suspending the effectiveness of the Form 10 shall be in
effect; and no proceedings for such purposes shall have been instituted or threatened by the SEC;

(iii) The Information
Statement shall have been sent or otherwise made available to the Record Holders;

47

(iv) An outside valuation advisory firm reasonably acceptable to the Company
shall have delivered one (1) or more opinions to the Company Board regarding solvency and surplus matters with respect to the Company and SpinCo immediately after consummation of the Distribution, and such opinions shall be reasonably
acceptable to the Company in form and substance in the Company’s reasonable discretion and such opinions shall not have been withdrawn or rescinded;

(v) The transfer of the SpinCo Assets (other than any Delayed SpinCo Asset) and SpinCo Liabilities (other than any Delayed
SpinCo Liability) contemplated to be transferred from the Company or the applicable members of the Company Group to SpinCo or the applicable members of the SpinCo Group prior to the Distribution shall have occurred in all material respects as
contemplated by , and the transfer of the Company Assets (other than any Delayed Company Asset) and Company Liabilities (other than any Delayed Company Liability) contemplated to be transferred from SpinCo or the
applicable members of the SpinCo Group to the Company or the applicable members of the Company Group prior to the Distribution shall have occurred in all material respects as contemplated by , except for such
steps (if any) as the Company shall have determined need not be completed or may be completed after the Distribution Effective Time;

(vi) The actions and filings necessary under applicable U.S. federal, U.S. state or other securities Laws or blue sky Laws and
the rules and regulations thereunder shall have been taken or made and, where applicable, have become effective or been accepted by the applicable Governmental Authority;

(vii) (A) the New SpinCo Financing Arrangements shall have been consummated and funded in full in a manner consistent with the
Merger Agreement and (B) (x) the New Company Financing Arrangements shall have been consummated and funded in a manner consistent with or (y) the Company would not otherwise be in breach of the
Existing Company Bridge Loan Facility if the Distribution were to occur;

(viii) No Governmental Authority of