Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 63

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 63
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 owns (as such term is used in Rule 13d-3 promulgated under the Exchange Act)
any Company Stock or any options, warrants or other rights to acquire Company Stock or other securities of the Company, or has any other economic interest in the Company or (b) is, or at any time within the past three (3) years has been,
an “interested stockholder” (as defined in Section 203 of the DGCL) of the Company.

Section 5.13 . Buyer or Merger Sub has not employed any broker or finder or incurred any liability for any brokerage fees, commissions or finders’ fees in connection with the Transactions, except that Buyer has engaged Moelis & Company
LLC as Buyer’s financial advisor.

Section 5.14 . Buyer and Merger Sub, each on
its own behalf and behalf of its Affiliates and each of its and their respective representatives, acknowledges and agrees that (a) except for the representations and warranties made by the Company in , neither the Company nor
any other Person makes any express or implied representation or warranty with respect to the Company and its Affiliates or any of their respective businesses, operations, assets, liabilities, conditions (financial or otherwise) or prospects in
connection with this Agreement or the Transactions, and the Company hereby disclaims any such other representations or warranties and (b) neither the Company nor any other Person makes or has made any representation or warranty to Buyer or any
of its Affiliates or Representatives with respect to (i) any financial projection, forecast, estimate, budget or prospective information relating to the Company or any of its Affiliates or any of their respective businesses (including the
Retained Business), or (ii) any oral or, except for the representations and warranties by the Company in , written information made available to Buyer or any of its Affiliates or Representatives in the course of their
evaluation of the Company, the Retained Entities or the Retained Business, the negotiation of this Agreement or in the course of the Transactions.

ARTICLE VI

COVENANTS

Section 6.1 .

(a) . During the period from the date of this Agreement until the earlier of the Effective Time
and the termination of this Agreement in accordance with , solely with respect to the Retained Entities or the Retained Business (and, for the avoidance of doubt, excluding the members of the Spinco Group and the Spinco Business)
and except as otherwise (A) expressly contemplated by or reasonably necessary to