Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 321

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 321
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 rules published by the Organization for Economic Co-operation and Development as “Tax Challenges Arising from the Digitalization of the Economy – Global Anti-Base Erosion Model Rules (Pillar Two): Inclusive Framework on BEPS” and any legislation
of any jurisdiction introduced pursuant to, or in order to adopt, implement or conform to, such model rules (or similar rules based on such model rules).

“” means any Tax Period beginning after the Distribution Date and, in the case of any Straddle
Period, the portion of such Tax Period beginning on the day after the Distribution Date.

“” means any Tax Period ending on or before the Distribution
Date and, in the case of any Straddle Period, the portion of such Straddle Period ending on the Distribution Date.

“” means any privilege that may be asserted under applicable law, including, any privilege arising under or
relating to the attorney-client relationship (including the attorney-client and work product privileges), the accountant-client privilege and any privilege relating to internal evaluation processes.

“” means production Tax credits, rebates or refunds, production incentives, production receivables or
similar items, however denominated, including any credit, rebate, refund, incentive or receivable, in each case arising anywhere in the world that is based upon or otherwise arises in relation to the film, television, games or other production
activities of the Company Business or the SpinCo Business, as applicable, whether or not reflected on a Tax Return and whether or not payable in cash, as a refund, as a credit, as an offset of Taxes or otherwise.

“” means a transaction or series of transactions (or any agreement, understanding or
arrangement within the meaning of Treasury Regulations Section 1.355-7 to enter into a transaction or series of transactions), as a result of which SpinCo (or any successor thereto) would merge or
consolidate with any other Person or as a result of which any Person or any group of related Persons would (directly or indirectly) acquire, or have the right to acquire, a number of shares of Capital

8

Stock in SpinCo that would, when combined with any other changes in ownership of Capital Stock in SpinCo pertinent for purposes of Section 355(e) of the Code, compose forty-five percent
(45%) or more of (i) the value of all outstanding shares of stock of SpinCo as of the date of such transaction, or in the case of a series of transactions, the date of the last