Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 159

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 159
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es, Exhibits, Schedules, attachments and appendices thereto.

“” means the transactions contemplated by this Agreement and the other Transaction Documents.

“” has the meaning given to such term in the Separation and Distribution Agreement.

“” means an intentional and willful material breach, or an intentional and willful material failure to
perform, in each case that is the consequence of an act or omission by a Party with the knowledge that the taking of such act or failure to take such act would cause a breach of this Agreement.

Annex A-17

Exhibit A

Form of Separation and Distribution Agreement

A-1

Exhibit 10.1 Execution Version

| WELLS FARGO BANK,                            
 NATIONAL ASSOCIATION WELLS FARGO             
 STRATEGIC CAPITAL, INC. WELLS                
 FARGO SECURITIES, LLC 550 South              
 Tryon Street Charlotte, North Carolina 28202 |     | BNP PARIBAS                      
 BNP PARIBAS SECURITIES CORP.     
 787 Seventh Avenue New York, New 
 York 10019                       |     | HSBC BANK USA,                    
 NATIONAL ASSOCIATION HSBC         
 CONTINENTAL EUROPE HSBC BANK      
 PLC HSBC BANK MIDDLE EAST LIMITED 
 HSBC SECURITIES (USA) INC.        
 66 Hudson Blvd. E, New York, New  
 York 10001                        |

December 4, 2025 Project Noble Bridge Commitment Letter Netflix, Inc. 121 Albright Way Los Gatos, CA 95032 Attention: Spencer Neumann Ladies and Gentlemen: Netflix, Inc., a Delaware corporation (the “ Borrower”, or “ you”) has advised (i) Wells Fargo Bank, National Association (“ WFBNA”) and Wells Fargo Strategic Capital, Inc. (“ WFSCI” and, together with WFBNA, collectively, “ Wells Fargo Lender”) and Wells Fargo Securities, LLC (“ Wells Fargo Securities” and, together with Wells Fargo Lender, “ Wells Fargo”), (ii) BNP Paribas (“ BNPP”), BNP Paribas Securities Corp. (“ BNPPSC” and, together with BNPP, “ BNP”) and (iii) HSBC Bank USA, National Association (“ HSBC USA”), HSBC Continental Europe (“ HSBC Europe”), HSBC Bank plc (“ HSBC Bank”), HSBC Bank Middle East Limited (“ HSBC Middle East” and, together with HSBC USA, HSBC Europe, HS