Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 164

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 164
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 any other indebtedness to the extent such indebtedness will be (and is, immediately after the Distribution
Effective Time) assumed in full by or otherwise incurred by the Company Group in connection with the Distribution), minus (b) the Cash and Cash Equivalents included in the SpinCo Assets, in each case, as determined as of the Distribution
Effective Time.

“” shall have the meaning set forth in
.

“” shall mean debt securities issued by SpinCo
(or a wholly owned Subsidiary thereof) in an amount not to exceed $[8.8] billion.

“”
shall have the meaning set forth in .

“” means
an accounts receivable financing facility pursuant to an agreement (or amendments to existing agreements) entered into prior to or effective as of the Distribution Effective Time by and among, inter alia, certain members of the SpinCo Group
and the agents and purchasers named therein, on such terms and conditions as agreed to by such members of the SpinCo Group and the other parties to such agreement and approved by the Company.

“” shall mean a revolving credit facility pursuant to a credit agreement entered into
prior to or effective as of the Distribution Effective Time by and among, inter alia, certain members of the SpinCo Group and the lenders named therein, on such terms and conditions as agreed to by such members of the SpinCo Group and the
other parties to the credit agreement and approved by the Company.

“” shall have the meaning set forth in .

16

“” shall have the meaning set forth in
.

“” shall mean the New York Stock Exchange.

“” shall have the meaning set forth in .

“” shall mean the Company and SpinCo.

“” shall have the meaning set forth in the definition of Intellectual Property.

“” shall mean permits, approvals, authorizations, consents, licenses or certificates issued by any Governmental
Authority.

“” shall mean an individual, a general or limited partnership, a corporation, a trust, a joint
venture, an unincorporated organization, a limited liability entity, any other entity and any Governmental Authority.

“” shall mean any claim reported to the applicable insurer(s) on or prior to the Distribution Effective Time in respect of a Pre-Distribution Effective Time Event that results in a deductible or retention under a “claims made”-based Company Policy in effect on or prior to the Distribution Date or any extended reporting period
thereof.

“” shall have the meaning set
forth in .

“” shall mean