Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 169

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 169
---
” 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 SpinCo
Business as of the Distribution Effective Time, (b) the Real Property Leases to which either Party or member of its Group is 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 SpinCo 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 SpinCo.

“” shall have the meaning set forth in .

“” shall have the meaning set forth in .

21

“” shall mean, with respect to any Person, any corporation,
limited liability company, joint venture, partnership or other entity of which such Person (a) beneficially owns, either directly or indirectly, more than fifty percent (50%) of (i) the total combined voting power of all classes of voting
securities, (ii) the total combined equity interests or (iii) the capital or profit interests, in the case of a partnership, or (b) otherwise has voting power, either directly or indirectly, to elect a majority of the board of
directors or similar governing body.

“” shall mean Information that is contained in written,
electronic or other tangible forms.

“” or “” shall have the meaning set forth in the Tax
Matters Agreement.

“” shall mean any Law with respect to Taxes.

“” shall mean the Tax Matters Agreement to be entered into by and between the Company and SpinCo or
members of their respective Groups in connection with the Separation, the Distribution and the other transactions contemplated by this Agreement, substantially in the form set forth on , as it may be amended from time to time in
accordance with .

“” shall mean any Person other than the Parties
and any members of their respective Groups.

“” shall have the meaning set forth in
.

“” shall have the meaning set forth