Company: WBD
Filing Date: 2025-02-27
Form Type: S-3ASR
Source: 0001193125-25-039203
Chunk: 34

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-02-27
Form: S-3ASR
Chunk 34
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 stock. You should read the prospectus supplement relating to the particular series of the preferred stock being offered for specific terms, including:

| • |     | the designation and stated value per share of the preferred stock and the number of shares offered; |

| • |     | the amount of liquidation preference per share; |

| • |     | the price at which the preferred stock will be issued; |

| • |     | the dividend rate, or method of calculation of dividends, the dates on which dividends will be payable, whether               
 dividends will be cumulative or noncumulative and, if cumulative, the dates from which dividends will commence to accumulate; |

| • |     | any redemption or sinking fund provisions; |

| • |     | if other than the currency of the United States, the currency or currencies including composite currencies in 
 which the preferred stock is denominated and/or in which payments will or may be payable;                     |

| • |     | any conversion provisions; |

| • |     | whether WBD has elected to offer depositary shares as described under “Description of Depositary 
 Shares;” and                                                                                     |

| • |     | any other rights, preferences, powers, limitations and restrictions on the preferred stock. |

24

The preferred stock will, when issued, be fully paid and nonassessable. Unless otherwise specified in the prospectus supplement, each series of the preferred stock will rank equally as to dividends and liquidation rights in all respects with each other series of preferred stock. The rights of holders of shares of each series of preferred stock will be subordinate to those of WBD’s general creditors. As described under “Description of Depositary Shares,” WBD may, at its option, with respect to any series of preferred stock, elect to offer fractional interests in shares of preferred stock, and provide for the issuance of depositary receipts representing depositary shares, each of which will represent a fractional interest in a share of the series of the preferred stock. The fractional interest will be specified in the prospectus supplement relating to a particular series of the preferred stock. Rank Unless otherwise specified in the prospectus supplement, the preferred stock will, with respect to dividend rights and rights upon WBD’s liquidation, dissolution or winding up of its affairs, rank:

| • |     | senior to all classes or series of WBD’s common stock and to all equity securities ranking junior to such                   
 preferred stock with respect to dividend rights or rights upon WBD’s liquidation, dissolution or winding up of its