Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 17

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 17
---
 |

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

| Date: December 5, 2025 |     | WARNER BROS. DISCOVERY, INC. |     |                         |
|:-----------------------|:----|:-----------------------------|:----|:------------------------|
|                        |     | By:                          |     | /s/ Gunnar Wiedenfels   |
|                        |     | Name:                        |     | Gunnar Wiedenfels       |
|                        |     | Title:                       |     | Chief Financial Officer |

Exhibit 2.1

EXECUTION VERSION

AGREEMENT AND PLAN OF MERGER

among

WARNER BROS. DISCOVERY, INC.,

NEW TOPCO 25, INC.,

NETFLIX, INC.

and

NIGHTINGALE SUB, INC.

Dated as of December 4, 2025

TABLE OF CONTENTS

|                                                            |     |                                                                     |     | Page |    |
| ARTICLE I                                                  
 THE MERGER                                                 |     |                                                                     |     |      |    |
| Section 1.1                                                |     | The Merger                                                          |     |      |  3 |
| Section 1.2                                                |     | Closing                                                             |     |      |  3 |
| Section 1.3                                                |     | Effective Time                                                      |     |      |  3 |
| Section 1.4                                                |     | The Certificate of Incorporation of the Surviving Corporation       |     |      |  4 |
| Section 1.5                                                |     | The Bylaws of the Surviving Corporation                             |     |      |  4 |
| Section 1.6                                                |     | Directors and Officers of the Surviving Corporation                 |     |      |  4 |
| Section 1.7                                                |     | Further Assurances                                                  |     |      |  4 |
| ARTICLE II                                                 
 EFFECT OF THE MERGER ON CAPITAL STOCK                      |     |                                                                     |     |      |    |
| Section 2.1                                                |     | Effect of the Merger on Capital Stock of the Company and Merger Sub |     |      |  4 |
| Section 2.2                                                |     | Certain Adjustments                                                 |     |      |  5 |