Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 156

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 156
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 the Company Business.

“” shall have the meaning set forth in the definition of the Company Real Property.

“” shall have the meaning set forth in .

“” shall mean all Permits owned or licensed by either Party or any member of its Group (x) listed or
described on or (y) other than the Permits set forth on , primarily used or primarily held for use in the Company Business as of the Distribution Effective Time.

“” shall mean those Insurance Policies in effect at any time prior to the Distribution Effective Time
(a) where the first or primary named insured is or was a member of the Company Group (including any predecessor entity of a member of the Company Group), (b) that were issued under global programs of the Company or (c) that are set forth
on . A partial listing of such Insurance Policies, not intended to be comprehensive and for illustration only, is set forth on .

“” shall have the meaning set forth in .

“” shall mean (a) all of the Real Property owned by either Party or member of its Group as of
immediately prior to the Distribution Effective Time (x) listed or described on or (y) other than the Real Property set forth on , primarily used or primarily held for use in the Company
Business as of the Distribution Effective Time, (b) the Real Property Leases to which either Party or any member of its Group is

9

party as of immediately prior to the Distribution Effective Time (x) set forth on or (y) other than the Real Property Leases set forth on ,
primarily used or primarily held for use in the Company Business as of the Distribution Effective Time (“”) and (c) all recorded Real Property notices, easements and obligations with respect to the Real Property
and/or Real Property Leases described in clauses (a) and (b) of this paragraph.

“” shall mean the
shares of common stock, par value $0.01 per share, of the Company.

“” means television shows, movies, video
games, music and other audiovisual, visual or audio content intended for broadcast, streaming or other transmission to an audience.

“” means Copyrights and other Intellectual Property rights (excluding Trademarks) in Content.

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

“” shall have the meaning set forth in the definition of Intellectual Property.

“” shall mean all customary actions by SpinCo and its Subsidiaries and representatives that are
reasonably requested by the Company