Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 188

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 188
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under as of the Distribution Effective Time;

(vi) all Company Permits as of the Distribution
Effective Time and all rights, interests or claims of either Party or any of the members of its Group thereunder as of the Distribution Effective Time;

(vii) all rights and interests in and to bank accounts used or held for use primarily in the Company Business, including any
cash and cash equivalents held therein as of the Distribution Effective Time;

(viii) all Company Real Property as of the
Distribution Effective Time;

(ix) all rights, interests and claims of either Party or any of the members of its Group as
of the Distribution Effective Time with respect to Information that is primarily related to the Company Assets, the Company Liabilities, the Company Business or the entities that are members of the Company Group and, subject to the provisions of the
applicable Ancillary Agreements, a non-exclusive right to all Information that is related to, but not primarily related to, the Company Assets, the Company Liabilities, the Company Business or the entities
that are members of the Company Group;

(x) all fixtures, machinery, equipment and furniture of either Party or any of the
members of its Group located on the Company Real Property;

(xi) all rights and interests in and to the Company Policies;

(xii) all Assets set forth on ; and

(xiii) to the extent not already identified in clauses (i) through (xii) of this
or clauses (i) through (xii) of , all Assets of either Party or any of the members of its Group as of the Distribution Effective Time that are primarily used or primarily held for use in the Company
Business.

27

2.3 .

(a) SpinCo Liabilities. For the purposes of this Agreement, “” shall mean the
following Liabilities of either Party or any of the members of its Group:

(i) all Liabilities relating to, arising out of or resulting from the inactions, events, omissions, conditions, facts or
circumstances occurring or existing prior to the Distribution Effective Time (whether or not such Liabilities cease being contingent, mature, become known, are asserted or foreseen, or accrue, in each case before, at or after the Distribution
Effective Time), in each case to the extent that such Liabilities relate to, arise out of or result from the SpinCo Business or a SpinCo Asset;

(ii) the applicable portion of all Liabilities set forth on ;

(iii) all Liabilities that are expressly provided