Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 146

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 146
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 Material Adverse Effect has occurred or would reasonably be expected to occur:

Annex A-4

(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 the Retained Business has operations or in which products or services of the Retained Business
are sold;

(B) Effects that are the result of factors generally affecting the industries, markets or geographical areas in
which the Retained Business has operations;

(C) changes in the relationship of the Retained Business, 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 to be taken by, Buyer or its Affiliates;

(D) changes or modifications in accounting standards applicable to the Retained Business, including GAAP, or in any Law
applicable to the Retained Business, including the repeal thereof, or in the interpretation or enforcement thereof, after the date of this Agreement;

(E) any failure by the Retained Business 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 reasonably be expected to
result in, or contribute to, a Company Material Adverse Effect;

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

(H) any Effect or announcement of an Effect affecting the credit rating or other rating of financial strength of