Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 23

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 23
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 with Section 262(d)(1) of the DGCL and in connection with the Company Stockholder Meeting, shall be deemed to a demand for appraisal with respect to a holder’s shares of New Company Stock
and such shares of New Company Stock shall be deemed to be Appraisal Shares under the Merger Agreement and for purposes of Section 262 of the DGCL, provided that the holder thereof has complied with the other requirements of Section 262 of
the DGCL prior to, at and following the Effective Time (collectively, a “”). The New Company, in its capacity as the Surviving Corporation, shall deliver an appraisal rights notice to the stockholders
of the New Company immediately prior to the effective time in accordance with Section 262(d)(2) of the DGCL. For the avoidance of doubt, any holder of New Company Stock that has properly delivered a Prior Company Appraisal Demand shall not be
required to deliver a separate appraisal demand following the Effective Time.

ARTICLE III

DELIVERY OF MERGER CONSIDERATION; PROCEDURES FOR SURRENDER

Section 3.1 . Prior to the Effective Time, Buyer shall enter into a customary exchange agreement with a nationally
recognized bank or trust company designated by Buyer and reasonably acceptable to the Company (the “”). Prior to the Effective Time, Buyer shall provide or shall cause to be provided to the Exchange Agent
(i) cash in an aggregate amount sufficient to pay the Cash Consideration and (ii) shares of Buyer Common Stock sufficient in order for the Exchange Agent to distribute the aggregate Stock Consideration, and after the Effective Time, Buyer
shall deposit with the Exchange Agent, as necessary from time to time, any dividends or distributions payable on such shares of Buyer Common Stock pursuant to which had not theretofore been surrendered for
exchange pursuant to (such cash, shares of Buyer Common Stock and dividends or other distributions with respect thereto are collectively referred to as the “”). Buyer shall make
available to the Exchange Agent, for addition to the Exchange Fund, from time to time as needed, cash sufficient to pay cash in lieu of fractional shares in accordance with . The Exchange Agent shall deliver the
Merger Consideration to be issued pursuant to out of the Exchange Fund. Except as provided in , the Exchange Fund shall not be used for any other purpose.

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Section 3.2 .

(a) . Buyer shall cause the Exchange Agent to mail, as soon as reasonably practicable after the Effective Time and in any
event not later than the