Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 167

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 167
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 prior to the Distribution Effective Time primarily related to the SpinCo Business, including those listed on Schedule 1.8(a), (subject to clause (a)(ii) of the definition of “Company Contracts”) and (ii) with respect to any contract or agreement entered into with a Third Party prior to the Distribution Effective Time that relates to the SpinCo Business (other than in a de minimisrespect) but is not primarily related to the SpinCo Business, that portion of any such contract or agreement that relates to the SpinCo Business; (b) any contract or agreement that is otherwise expressly contemplated pursuant to this Agreement or any of the Ancillary Agreements to be assigned to SpinCo or any member of the SpinCo Group;

| 3 | Form of A&R Bylaws and Form of A&R Certificate of Incorporation of SpinCo to be determined by the             
 Company in its sole discretion between the signing of the Merger Agreement and the signing of this Agreement. |

19

(c) any credit agreement, indenture, note or other financing agreement or
instrument entered into by SpinCo or any member of the SpinCo Group in connection with the Separation, including any SpinCo Financing Arrangements, provided that such agreements and instruments shall not include any agreements or instruments
pursuant to the terms of which SpinCo, and any such member of the SpinCo Group, will be released from its obligations thereunder in connection with the completion of the Separation (in which case such agreements and instruments shall be
“Company Assets”);

(d) SpinCo Leases;

(e) any guarantee, indemnity, representation, covenant, warranty or other Liability of either Party or any member of its Group
in respect of any other SpinCo Contract, any SpinCo Liability or the SpinCo Business;

(f) any interest rate, currency,
commodity or other swap, collar, cap or other hedging or similar agreements or arrangements related primarily to the SpinCo Business; and

(g) any contracts or agreements listed on , including the right to recover any amounts
under such contracts, agreements or settlements.

“” shall mean all entities (including corporations,
general or limited partnerships, trusts, joint ventures, unincorporated organizations, limited liability entities or other entities) designated by SpinCo that will be members of the SpinCo Group as of the Distribution Effective Time, including the
Transferred Entities.

“” shall have the meaning set forth in
.

“” shall mean (a) prior to the Distribution Effective
Time,