Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 333

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 333
---
 Carryback, SpinCo shall notify the Company in writing that such SpinCo Carryback must be carried back.

(e) . The Parties shall report the Transactions and the Specified U.S. Internal Restructuring
Transactions in a manner consistent with the Intended U.S. Tax Treatment, unless, and then only to the extent, an alternative position is required pursuant to a Final Determination or (in the case of clause () of the definition of
Intended U.S. Tax Treatment and, for any transactions described under the heading “Section 355 Transactions” in Part I of Schedule E, clause () of the definition of Intended U.S. Tax Treatment) the Merger is
consummated. Notwithstanding the foregoing, the Company shall be permitted to report the Distribution to its shareholders or to its withholding agents as taxable to its shareholders (including on a protective basis).

(f) . Each of the Company and SpinCo agree, for U.S. federal income
tax purposes, that the SpinCo Financing Arrangements shall be treated as not giving rise to any deemed exchange, pursuant to Treasury Regulations Section 1.1001-3, with respect to any indebtedness assumed
(or deemed assumed) by SpinCo in connection with the

19

Contribution (the “”). Each of the Company and SpinCo shall not take (and shall cause the members of their respective Group not to
take) any positions that it knows, or reasonably should know, are inconsistent in any material respect with the SpinCo Financing Arrangements Tax Treatment, unless, and then only to the extent, an alternative position is required pursuant to a Final
Determination.

Section 3.05 . The Company shall make a timely election under Section 336(e) of
the Code (and any corresponding election under state Tax Law (a “”)) for SpinCo as SpinCo may request of the Company in writing. The Parties shall consider and discuss in good faith making
(i) a Section 336(e) Election for any Subsidiary member of the SpinCo Group and (ii) an election under Treasury Regulations Section 1.1502-13(f)(5)(ii) (and any corresponding election under
state Tax Law (each, a “”)) with respect to the distribution of equity interests in any such Subsidiary member, in each case, upon
receipt from SpinCo of a written request for any such election, together with details regarding the anticipated consequences thereof, that the Company shall not unreasonably withhold