Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 157

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 157
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 for review.

“” means the information set forth in of
the Company Disclosure Letter.

“” when used in this Agreement (i) with respect to the Company, means the
actual knowledge of the Persons listed in of the Company Disclosure Letter and (ii) with respect to Buyer, means the actual knowledge of the Persons listed in of the
Buyer Disclosure Letter.

“” means any labor union, works council or similar employee or labor organization,
including any Guild.

“” means any federal, state, local, foreign, international or transnational law, statute,
ordinance, common law, rule, regulation, standard, judgment, determination, order, writ, injunction, decree, arbitration award, treaty, agency requirement, authorization, license or permit of any Governmental Entity.

“” permits, licenses, certifications, approvals, registrations, consents, authorizations, franchises, variances,
exemptions and orders issued or granted by a Governmental Entity.

“” means a lien, charge, pledge, security
interest, claim or other encumbrance.

Annex A-12

“” means $97.91.

“” means the sum (rounded to the nearest four decimals) of (x) the Cash Consideration plus
(y) an amount in cash equal to the product obtained by multiplying (i) the Exchange Ratio by (ii) the Average Buyer Stock Price.

“” means any “multiemployer plan” within the meaning of Section 3(37) of ERISA.

“” means the NASDAQ Stock Market.

“” means, with respect to Vested Company Options, a number of whole and partial shares of Company Stock
(computed to the nearest four decimal places) equal to (i) the product obtained by multiplying (A) the number of shares of Company Stock subject to such Vested Company Option immediately prior to the Effective Time, and (B) the
excess, if any, of the Merger Consideration Value over the exercise price per share of Company Stock subject to such Vested Company Option, divided by (ii) the Merger Consideration Value.

“” means, with respect to an action taken by any Person, that such action is consistent with the ordinary
course of business and past practices of such Person.

“” means (i) with respect to any
Person that is a corporation, its articles or certificate of incorporation, memorandum and articles of association, as applicable, and bylaws, or comparable documents, (ii) with respect to any Person that