Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 145

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 145
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 reasonably be expected to have a material adverse effect on the business or financial condition of Company and its
Subsidiaries, taken as a whole (after giving effect to the transactions contemplated by the Separation and Distribution Agreement) or (b) that involves, applies to, restricts, or affects the operation, contracts, business or assets of Buyer and
its Affiliates (excluding the Company and its Subsidiaries following the Closing).

Annex A-1

“” means any day ending at 11:59 p.m. (New York Time)
other than a Saturday or Sunday or a day on which banks in the City of New York, New York or the City of Wilmington, Delaware is required or authorized by Law to close.

“” means the common stock, par value $0.001 per share, of Buyer.

“” means Buyer and its Subsidiaries.

“” means each Person that is a Subsidiary of Buyer that is not wholly owned directly or indirectly by Buyer as of
the date of this Agreement.

“” means any Effect that, individually or in the
aggregate with any other Effect is, or would reasonably be likely to be, materially adverse to the financial condition, properties, assets, operations, liabilities, business or results of operations of Buyer and its Subsidiaries taken as a
whole;, , that none of the following, alone or in combination, shall be deemed to constitute a Buyer Material Adverse Effect, or be taken into account in determining whether a Buyer Material Adverse Effect has
occurred or would reasonably be likely to occur:

(A) Effects generally affecting the economy, credit, capital, securities
or financial markets or political, regulatory, economic or business conditions (including tariffs, trade policies and sanctions) in any jurisdiction in which Buyer or its Subsidiaries has material operations or in which products or services of Buyer
or its Subsidiaries are sold;

(B) Effects that are the result of factors generally affecting the industries, markets or
geographical areas in which Buyer or its Subsidiaries have material operations;

(C) changes in the relationship of the
Buyer or its Subsidiaries, contractual or otherwise, with customers, employees, unions, suppliers, distributors, financing sources, partners or similar relationship or any resulting Effect that was caused by the entry into, announcement, pendency or
performance of the Transactions, or resulting or arising from the identity of or any facts or circumstances relating to, or any actions taken or failed