Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 372

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 372
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•] (as may be amended, modified
or restated from time to time, the “”), pursuant to which the Company and SpinCo will each become an independent, separately-traded public company (the “”);

WHEREAS, pursuant to, and in connection with the transactions contemplated by the Separation and Distribution Agreement and in order to ensure
the continuity of certain functions and operations related to the Company Business and the SpinCo Business (each as defined in the Separation and Distribution Agreement), the Company and SpinCo have agreed to duly execute a transition services
agreement; and

WHEREAS, SpinCo desires that the Company provide certain services to SpinCo and its Affiliates on a transitional basis as
described in Schedule I attached to this Agreement (the “”) and the Company desires that SpinCo provide certain services to the Company and its Affiliates on a transitional basis as described in
Schedule II attached to this Agreement (the “,” and each Forward Service or Reverse Service, a “” and collectively, the “”).

NOW, THEREFORE, in consideration of the foregoing and the covenants herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

ARTICLE I

SERVICES

. On the terms and subject to the conditions set forth in this
Agreement, Service Provider shall, or shall (in accordance with ) cause one or more of its Affiliates or third-party vendors to, provide to Service Recipient and its Affiliates, solely for use in the operation of
the SpinCo Business or the Company Business, as applicable, each of the Services described in Schedule I or Schedule II, as applicable, in each case, as such schedules may be supplemented, modified, substituted or
otherwise amended from time to time in accordance with , commencing on the Effective Date and continuing for each Service through the Service Term therefor, unless (a) such Service is terminated in accordance with the
terms and conditions of or , or (d) this Agreement is terminated prior to expiration of the Term in accordance with the terms and conditions of or
. Each Service is described on a separate sub-schedule (each a “”). Schedule I comprises all Sub-Schedules for Forward Services and Schedule II

1

comprises all Sub-Schedules for Reverse Services. Except as otherwise expressly set forth in this Agreement, all references to a Party in Schedule I
or Schedule II shall