Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 327

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 327
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the Merger Agreement, the Separation Agreement or any Ancillary Agreement).

“” means the
regulations promulgated from time to time under the Code as in effect for the relevant Tax Period.

“” means any unqualified “will” opinion (or for purposes of , any “should” opinion) of a Tax Advisor to the effect that a transaction will not (or for purposes of
, should not) adversely affect the Intended U.S. Tax Treatment (assuming that the Transactions and the Specified U.S. Internal Restructuring Transactions would have qualified for the Intended U.S. Tax
Treatment if the transaction in question did not occur).

Section 2. . From and after the
Distribution Date:

Section 2.01 . Except as otherwise provided in
or , Taxes shall be allocated between the Company and SpinCo as follows:

(a) The Company
shall be allocated (i) all Taxes reported, or required to be reported, on a Combined Return with respect to which a member of the Company Group is the common parent (a “”) for any Tax Period,
(ii) for any Combined Return with respect to which a member of the SpinCo Group is the common parent or with respect to which there is no common parent (a “”), all Taxes reported, or required to be
reported on such Combined Return that are attributable to any Pre-Distribution Period, (iii) all Taxes imposed on SpinCo or any member of the SpinCo Group under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local or foreign Tax Law) as a result of any member of the SpinCo Group having been during any Pre-Distribution
Period a member of a group, the common parent of which was a member of the Company Group, that filed a Tax Return on a consolidated, combined, unitary or other similar group basis, (iv) all Taxes reported, or required to be reported, on a
Company Separate Return for any Tax Period, (v) all Taxes of any member of the Company Group that are not required to be reported on any Tax Return for any Tax Period.

14

(b) SpinCo shall be allocated (i) all Taxes reported, or required to be reported, on a
SpinCo Combined Return that are attributable to any Post-Distribution Period, (ii) all Taxes reported, or required to be reported, on a SpinCo Separate Return for any Tax Period and (iii) all Taxes of any member of the SpinCo Group that
are