Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 127

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 127
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 in the aggregate, a Buyer Material Adverse Effect.

(b) Buyer and Merger Sub shall have performed in all material respects all obligations and complied in all material respects with all
covenants required by this Agreement to be performed or complied with by them prior to the Closing.

(c) Since the date of this Agreement,
there shall not have occurred any Buyer Material Adverse Effect.

(d) Buyer shall have delivered to the Company a certificate, dated as of
the Closing Date and signed by its Chief Executive Officer or another senior officer, certifying to the effect that the conditions set forth in , and
have been satisfied.

Section 7.3 . The obligations of Buyer and Merger Sub to effect the Merger are further subject to the satisfaction (or waiver by Buyer to the extent permitted by applicable Law) of the following conditions:

(a) (i) The representations and warranties of the Company set forth in (Capital Structure) and
(Absence of Certain Changes) shall be true and correct, at and as of Closing, as if made at and as of such time (except to the extent expressly made as of an earlier date, in which case as of such date), in
each case, except for de minimis inaccuracies; (ii) the representations and warranties of the Company set forth in the first sentence of (Corporate Authority and Approval),
(Corporate Authority and Approval) and (Brokers and Finders) shall be true and correct in all material respects, at and as of the Closing, as if made at and as of such
time (except to the extent expressly made as of an earlier date, in which case as of such date); (iii) the representations and warranties of the Company set forth in that are qualified by a “Company Material Adverse
Effect” qualification shall be true and correct in all respects as so qualified at and as of the Closing, as if made at and as of such time (except to the extent expressly made as of an earlier date, in which case as of such date); and
(iv) the other representations and warranties of the Company set forth in shall be true and correct at and as of the Closing, as if made at and as of such time (except to the extent expressly made as of an earlier date, in
which case as of such date), except with respect to this clause (iv) where the failure of such representations and warranties to be so true and correct would not have, individually or in the aggregate, a Company Material Adverse Effect.

(b