Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 53

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 53
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 Intellectual Property and
Information Technology, which are the subject of the representations and warranties set forth in ) necessary for the Retained Entities to conduct the Retained Business in all material respects as currently
conducted, assuming all filings, notices, reports, consents, registrations, approvals, permits, expirations of waiting periods or authorizations required in connection with the consummation of the Transactions and the transactions contemplated by
the other Transaction Documents have been made or obtained, as applicable, and all Licenses have been transferred.

Section 4.11
.

(a) of the Company Disclosure Letter sets forth a complete and
accurate list as of the date of this Agreement of each Contract (i) to which either the Company or any of its Subsidiaries is a party or bound which relates primarily to, imposes material obligations on, or is material to, the Retained
Business, in each case, other than Contracts solely among the Retained Entities (other than the Company JVs) and Contracts that do not constitute Retained Assets or Company Assumed Liabilities (in whole or in part), or (ii) to which, after
giving effect to the Separation, either the Company or any of the Retained Entities will be a party or otherwise bound (each such Contract, a “”), which:

(i) provides that any Retained Entity will not compete with any other Person, or which grants “most favored nation” protections to
the counterparty to such Contract, that in each case after the Effective Time would be binding upon Buyer or any of its Subsidiaries (other than any Retained Entity), and is material to the Company and its Subsidiaries, taken as a whole;

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(ii) purports to limit in any material respect either the type of business in which a
Retained Entity may engage or the manner or locations in which any of them may so engage in any business, that in each case after the Effective Time would be binding upon Buyer or any of its Subsidiaries (other than any Retained Entity);

(iii) requires a Retained Entity (or, after the Effective Time, Buyer or any of its Subsidiaries) to deal exclusively with any Person or
group of related Persons which Contract is reasonably likely to provide for annual revenues or expenses of $400,000,000 or more;

(iv) is
material to the formation, creation, operation, management or control of any partnership or joint venture, the book value of the Company’s