Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 344

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 344
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 Tax Return
on a consolidated, combined, or unitary basis, if such Tax Return would include at least one member of each Group and the filing of such Tax Return is elective under applicable Tax Law. SpinCo will elect and join, and will cause its respective
Affiliates to elect and join, in filing any Combined Returns that the Company determines are required to be filed or that the Company elects to file, in each case pursuant to this .

(d) . SpinCo hereby agrees that, except as otherwise required by applicable Tax Law, any available
elections to waive the right to claim in any Pre-Distribution Period with respect to any Tax Return any SpinCo Carryback arising in a Post-Distribution Period shall be made, and no affirmative election shall
be made to claim any such SpinCo Carryback. In the event that SpinCo (or the applicable member of the SpinCo Group) is prohibited by applicable Law from waiving or otherwise forgoing a SpinCo Carryback, the Company shall pay over to SpinCo any Tax
Benefit that the Company Group realizes with respect to any such SpinCo Carryback, determined in accordance with and . In the event that SpinCo (or the appropriate member of the SpinCo Group) is prohibited by
applicable Law from waiving or otherwise forgoing a SpinCo Carryback, SpinCo shall notify the Company in writing that such SpinCo Carryback must be carried back.

(e) . The Parties shall report the Transactions and the Specified U.S. Internal Restructuring
Transactions in a manner consistent with the Intended U.S. Tax Treatment, unless, and then only to the extent, an alternative position is required pursuant to a Final Determination or (in the case of clause () of the definition of
Intended U.S. Tax Treatment and, for any transactions described under the heading “Section 355 Transactions” in Part I of Schedule E, clause () of the definition of Intended U.S. Tax Treatment) the Merger is
consummated. Notwithstanding the foregoing, the Company shall be permitted to report the Distribution to its shareholders or to its withholding agents as taxable to its shareholders (including on a protective basis).

(f) . Each of the Company and SpinCo agree, for U.S. federal income
tax purposes, that the SpinCo Financing Arrangements shall be treated as not giving rise to any deemed exchange, pursuant to Treasury Regulations Section 1.1001-3, with respect to any indebtedness assumed
(or deemed assumed