Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 151

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 151
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 equal to the Specified Amount (which amount will, as specified on Schedule 1.18, generally decline each month consistent with anticipated decreases over time in the balance of the Existing Company Bridge Loan Facility, as a result of the generation of cash by the SpinCo Business);

| 1 | Note to Draft: RemainCo to be a newly formed holding company; entity name to be confirmed. |

WHEREAS, Netflix, Inc., a Delaware corporation (“”), Nightingale
Sub, Inc., a Delaware corporation (“”) and the Company have entered into that certain Agreement and Plan of Merger (the “”), dated as of December 4, 2025, pursuant to which,
following the Distribution, on the terms and subject to the conditions set forth therein, Merger Sub will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of Buyer (the “”).

WHEREAS, SpinCo has been incorporated solely for these purposes and has not engaged in activities except in preparation for the Separation,
the Contribution, the Distribution and the Merger;

WHEREAS, for U.S. federal income tax purposes, it is intended that the Contribution
and the Distribution will qualify for the Intended U.S. Tax Treatment;

WHEREAS, SpinCo and the Company [have prepared], and SpinCo [has
filed] with the SEC, the Form 10, which includes the Information Statement, and which sets forth disclosure concerning SpinCo, the Separation and the Distribution;

WHEREAS, this Agreement, together with other agreements implementing the Contribution and the Distribution, is intended to constitute a plan
of reorganization within the meaning of Treasury Regulations Section 1.368-2(g);

WHEREAS,
under the Merger Agreement, it is a condition to the Merger that this Agreement shall be entered into by the Parties and the Separation, the Contribution and the Distribution shall have occurred; and

WHEREAS, each of the Company and SpinCo has determined that it is appropriate and desirable to set forth the principal corporate transactions
required to effect the Separation and the Distribution and certain other agreements that will govern certain matters relating to the Separation and the Distribution and the relationship of the Company, SpinCo and the members of their respective
Groups following the Distribution;

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this
Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound