Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 150

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 150
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ified Amount Reduction pursuant to the Separation and Distribution Agreement, then the Exchange Ratio shall be equal to the Exchange Ratio calculated in accordance with prongs (i)-(iii) above minusthe Exchange Ratio Reduction. Annex A-8

“” means a number equal to (a) the Specified
Amount Reduction multiplied by(b) the Stock Consideration Percentage divided by(c) the Effective Time FD Share Count, divided by (d) the Collar Price.

“” shall mean the bridge loan facility pursuant to that certain Non-Investment Grade Leveraged Bridge Loan Agreement, dated as of June 26, 2025 (as amended, restated, supplemented or otherwise modified or replaced from time to time), by and among, inter alia, certain
members of the Company Group, certain members of the Spinco Group, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent.

“” means sanctions and export control Laws and regulations where such Person does business
or is otherwise subject to jurisdiction, including the U.S. International Traffic in Arms Regulations, the Export Administration Regulations, U.S. sanctions Laws and regulations administered by the Department of the Treasury’s Office of
Foreign Assets Control and the anti-boycott regulations administered by the U.S. Department of Commerce and U.S. Department of Treasury.

“” (or any variant thereof) shall mean, regarding any asset or property (including any Intellectual Property),
the exhibition, sale, distribution, publication, transmission, broadcast, telecast, performance, display, license, covenant not to sue or enjoin, right to obtain, enforce or register, covenant not to sue or enjoin last, sublicense, use,
reproduction, marketing, creating derivative works of, or other commercial exploitation thereof, by any means, methods, processes, media devices and delivery systems of every kind or character, whether now known or hereafter created.
“” means to cause the Exploitation.

“” means the United States Foreign Corrupt Practices
Act of 1977.

“” means any debt financing, whether in the form of debt securities, a credit or loan facility
or otherwise, obtained or proposed to be obtained by Buyer in connection with the Transactions, including the debt financing contemplated by the Debt Commitment Letter or any other debt financing the proceeds of which are intended to be used to
finance the payment, in whole or in part, of the Cash Consideration or in connection with any of the transactions contemplated by or any of the other amounts