Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 146

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 146
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 to be taken by, the Company or its Affiliates;

(D) changes or modifications in accounting standards applicable to Buyer or its Subsidiaries, including GAAP, or in any Law of
general applicability, including the repeal thereof, or in the interpretation or enforcement thereof, after the date of this Agreement;

(E) any failure by Buyer or its Subsidiaries to meet any internal or public projections or forecasts or estimates of revenues
or earnings for any period; that the exception in this clause (E) shall not prevent or otherwise affect a determination that any Effect underlying such failure has resulted in, or contributed to, or would result in, or
contribute to, a Buyer Material Adverse Effect;

Annex A-2

(F) Effects resulting from acts of war (whether or not declared), civil
disobedience, hostilities, sabotage, terrorism, cyberterrorism, ransomware or malware, military actions or the escalation of any of the foregoing, any hurricane, flood, tornado, earthquake or other weather or natural disaster, or any epidemic,
pandemic, outbreak of illness or other public health event (including pandemics and epidemics) or any other force majeure event, or any national or international calamity or crisis;

(G) any actions taken or failed to be taken by Buyer or any of its Subsidiaries that are required to be taken by this Agreement
or any actions taken with the Company’s written consent or failed to be taken at the Company’s written request;

(H) any Effect or announcement of an Effect affecting the credit rating or other rating of financial strength of Buyer or any
of its Subsidiaries or any of their respective securities; that the exception in this clause (H) shall not prevent or otherwise affect a determination that any Effect underlying such Effect, announcement of an Effect has
resulted in, or contributed to, or would result in, or contribute to, a Buyer Material Adverse Effect; or

(I) any change,
in and of itself, in the market price or trading volume of the securities of Buyer (it being understood that the facts or occurrences giving rise to or contributing to such change may be taken into account in determining whether there has been or
would reasonably be expected to be a Buyer Material Adverse Effect, unless otherwise excluded in this definition of “Buyer Material Adverse Effect”);

, that, with respect to clauses (A), (B), (D) and (F), such Effect shall be taken into account in