Company: WBD
Filing Date: 2025-02-27
Form Type: S-3ASR
Source: 0001193125-25-039203
Chunk: 26

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-02-27
Form: S-3ASR
Chunk 26
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 STOCK

General

The following description of the
shares of common stock that WBD may offer and sell is intended as a summary only and therefore is not a complete description. This description is based upon, and is qualified by reference to, WBD’s second restated certificate of incorporation
(the “WBD charter”), WBD’s amended and restated bylaws (the “WBD bylaws”) and applicable provisions of Delaware corporate law. You should read the WBD charter and WBD bylaws, which are filed as exhibits to the registration
statement of which this prospectus forms a part, for the provisions that are important to you.

Under the WBD charter, WBD has authority
to issue 10,800,000,000 shares of common stock. As of February 13, 2025, 2,454,764,337 shares of common stock were issued and outstanding.

Common Stock

Voting Rights

The
common stock consists of a single class and all holders of shares of the common stock are entitled to one vote per share.

Subject to the
rights of the holders of any series of preferred stock and except as otherwise provided by law, the WBD charter or the WBD bylaws and except for the election of directors, at any meeting duly called and held at which a quorum is present, the
affirmative vote of a majority of the combined voting power of the outstanding shares present in person or represented by proxy at the meeting and entitled to vote on the subject matter shall be the act of the stockholders. Subject to the rights of
the holders of any series of preferred stock to elect a specified number of directors in certain circumstances, at any meeting duly called and held for the election of directors at which a quorum is present, directors shall be elected by a plurality
of the combined voting power of the outstanding shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors.

Dividends and Distributions

Subject to the preferences and rights, if any, applicable to shares of preferred stock, the holders of shares of common stock are entitled to
receive such dividends and other distributions in cash, property, stock or otherwise as may be declared thereon by the board of directors of WBD (the “Board of Directors”) at any time and from time to time out of assets or funds of WBD
legally available therefor and will share equally on a per share basis in such dividends and distributions.

Liquidation and Dissolution

In