Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 316

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 316
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ated thereunder, and any similar state or local legislation, regulations or guidance.

“” has the
meaning set forth in the Separation Agreement.

“” has the meaning set forth in the Separation Agreement.

“” means all classes or series of capital stock of a corporation, including (i) common stock,
(ii) all options, warrants and other rights to acquire such capital stock and (iii) all instruments properly treated as stock in such corporation for U.S. federal income tax purposes.

“” means the Court of Chancery of the State of Delaware, or, if (and only if) such court finds it lacks
subject matter jurisdiction, the federal court of the United States of America sitting in Delaware, and appellate courts thereof.

“” means the U.S. Internal Revenue Code of 1986, as amended.

“” means any Tax Return that includes one or more members of the Company Group and one or more members of
the SpinCo Group.

“” has the meaning set forth in the preamble to this Agreement.

“” means the active conduct (as defined in Section 355(b)(2) of the Code and the
Treasury Regulations thereunder) of the Company ATB as conducted immediately prior to the Distribution by the Company SAG.

“” has the meaning set forth in of this Agreement.

“” has the meaning set forth on hereto.

“” has the meaning set forth in the Separation Agreement.

3

“” has the meaning set forth in the Separation Agreement.

“” has the meaning set forth in .

“” means the Company and each Person (other than SpinCo or any other members of the SpinCo Group) that is a
direct or indirect Subsidiary of the Company immediately prior to the Distribution, and each Person that becomes a Subsidiary of the Company after the Distribution.

“” means the separate affiliated group of the Company, within the meaning of Section 355(b)(3)(B) of the
Code.

“” means the application of Section 355(e) of the Code to
the Distribution as a result of the Distribution being part of a plan (or series of related transactions), or any agreement, understanding or arrangement (within the meaning of Section 355(e) of the Code and Treasury Regulations Section 1.355-7), pursuant to which one (1) or more Persons acquire directly or indirectly stock representing a 50-percent or greater interest in the Company or any
successor corporation (within the meaning of Section