Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 182

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 182
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 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 in the definition of
Intellectual Property.

“” shall have the meaning set forth in the Merger Agreement.

“” shall have the meaning set forth in .

“” shall mean the entities set forth on .

“” shall mean the Transition Services 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 have the
meaning set forth in .

“” shall have the
meaning set forth in .

22

ARTICLE II

THE SEPARATION

2.1
.

(a) At or prior to the Distribution Effective Time, in accordance
with the Restructuring Plan, but subject to :

(i) Transfer and Assignment of SpinCo Assets. The Company shall, and shall cause the applicable members of its Group to, contribute, assign, transfer, convey or deliver to SpinCo, or the applicable SpinCo Designees, or take such steps as may be necessary for SpinCo or such
SpinCo Designees to succeed to, and Spin