Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 158

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 158
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“” means 16.22%.

“” means, with respect to any Person, any other Person (i) of which at least a majority of the securities or
ownership interests having by their terms ordinary voting power to elect a majority of the board of directors or other persons performing similar functions is directly or indirectly owned or controlled by such Person or by one or more of its
Subsidiaries or (ii) of which such Person, directly or indirectly, possesses the power to direct or cause the direction of the management and policies by Contract.

“” means a “fair price”, “moratorium”, “control share acquisition” or
other similar anti-takeover statute or regulation.

“” or “” means any income, gross income,
gross receipts, profits, capital stock, franchise, withholding, payroll, social security, workers compensation, unemployment, disability, property, ad valorem, value added, stamp, excise, severance, occupation, service, digital services,
environmental, sales, consumption, turnover, goods and services, use, license, lease, transfer, import, export, customs duty, escheat, alternative minimum, estimated or other tax (including any fee, assessment, or other charge in the nature of or in
lieu of any tax), imposed by any Governmental Entity or political subdivision thereof, and any interest, penalty, additions to tax or additional amounts in respect of the foregoing.

“” means the Law of any Governmental Entity or political subdivision thereof relating to any Tax.

“” has the meaning given to such term in the Separation and Distribution Agreement.

Annex A-16

“” means any report of Taxes due, any claim for refund of Taxes
paid, any information return with respect to Taxes, any documentation with respect to transfer pricing or any other similar report, statement, declaration, or document filed or required to be filed under the Code or other Tax Law with respect to
Taxes, including any attachments, exhibits, or other materials submitted with any of the foregoing, and including any amendments or supplements to any of the foregoing.

“” has the meaning set forth in the definition of “.”

“” has the meaning set forth in the definition of “.”

“” means a day on which shares of Buyer Common Stock are traded on NASDAQ.

“” means this Agreement, the Separation and Distribution Agreement, the Tax Matters Agreement, the
Employee Matters Agreement, the Intellectual Property Matters Agreement, Transition Services Agreement, the Data Processing Agreement, including all annex