Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 8

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 8
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 jurisdiction, restraining, enjoining, prohibiting or preventing the
consummation of the Merger. Each party’s obligation to consummate the Merger is also subject to certain other conditions, including, among others, the accuracy of the other party’s representations and warranties, the other party’s
compliance with its pre-closing covenants and agreements contained in the Merger Agreement (in each case, subject to certain qualifications) and the absence of certain changes that have had, or would
reasonably be expected to have, a material adverse effect with respect to each of Netflix and the Retained Business of WBD.

Financing

In connection with the Merger Agreement, Netflix entered into a commitment letter, dated as of December 4, 2025 (the “Debt
Commitment Letter”), among Netflix, Wells Fargo Bank, National Association (“WFBNA”), Wells Fargo Strategic Capital, Inc. (“WFSCI” and, together with WFBNA, “Wells Fargo Lender”), Wells Fargo Securities, LLC
(“Wells Fargo Securities” and, together with Wells Fargo Lender, “Wells Fargo”), BNP Paribas (“BNPP”), BNP Paribas Securities Corp. (“BNPPSC” and, together with BNPP, “BNP”), 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, HSBC
Bank and HSBC Middle East, “HSBC Lender”), HSBC Securities (USA) Inc. (“HSI” and, together with HSBC Lender, “HSBC” and, together with Wells Fargo and BNP, collectively, the “Commitment Parties”),
pursuant to which the Commitment Parties have agreed to provide, subject to the satisfaction of customary closing conditions, up to $59,000,000,000 of senior unsecured bridge term loans for the purpose of financing the cash portion of the purchase
price required under the Merger Agreement, to pay certain fees, costs and expenses incurred in connection with the transactions contemplated by the Merger Agreement and the Debt Commitment Letter and, at the option of Netflix, to refinance certain
indebtedness. The receipt of financing by Netflix is not a condition to Netflix’s obligation to consummate the Merger. The foregoing description of the Debt Commitment Letter