Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 184

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 184
---
 of acceptance or assumption of, performance, discharge and fulfillment of or succession
to any Delayed Company Liability, are obtained or made, and, if and when any other legal impediments for the contribution, assignment, transfer, conveyance or delivery of or succession to any Delayed Company Asset or the acceptance and assumption
of, performance, discharge and fulfillment of or succession to any Delayed Company Liability have been removed, the transfer or assignment of the applicable Delayed Company Asset or the assumption of the applicable Delayed Company Liability, as the
case may be, shall be effected in accordance with the terms of this Agreement or the applicable Ancillary Agreement. Any Asset or Liability that is transferred under shall be treated as having been
transferred or assumed at the time in which it was intended to have been so transferred or assumed as provided in this Agreement (including the Restructuring Plan) and/or the applicable Transfer Documents and owned or assumed by the Party (or member
of its Group) to whom the Asset or Liability is transferred for U.S. federal and applicable state or local income tax purposes from and after such time, to the extent permitted by applicable Law.

33

(j) Costs for Delayed Company Assets and Delayed Company Liabilities.
Any member of the SpinCo Group retaining a Delayed Company Asset or Delayed Company Liability as a result of the deferral of the contribution, assignment, transfer, conveyance or delivery of or succession to such Delayed Company Asset or the
deferral of the acceptance or assumption of, performance, discharge and fulfillment of or succession to such Delayed Company Liability, as the case may be, shall not be obligated, in connection with the foregoing, to expend any money unless the
necessary funds are advanced (or otherwise made available) by the Company or the member of the Company Group entitled to the Delayed Company Asset or Delayed Company Liability, other than reasonable out-of-pocket expenses, attorneys’ fees and recording or similar fees for the contribution, assignment, transfer, conveyance or delivery of or succession to such Delayed Company Asset or the acceptance
or assumption of, performance, discharge and fulfillment of or succession to such Delayed Company Liability, all of which shall be borne by SpinCo or the member of the SpinCo Group incurring such expenses or fees.

2.5 .

(a) Novation of SpinCo Liabilities.

(i) Each of the Company and SpinCo, at the request of the other, shall use commercially reasonable efforts to obtain, or to
cause to be obtained,