Company: WBD
Filing Date: 2025-02-27
Form Type: S-3ASR
Source: 0001193125-25-039203
Chunk: 30

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-02-27
Form: S-3ASR
Chunk 30
---
 manner prescribed by the General Corporation Law of the State of Delaware (the “DGCL”), except that the amendment of certain provisions of the WBD charter require, in addition to any other vote required by the WBD charter or otherwise required by law, approval at a meeting of WBD stockholders called for that purpose by the affirmative vote of the holders of at least a majority of the outstanding shares of common stock then entitled to vote at any annual or special meeting of WBD stockholders, notwithstanding that a lesser percentage may be permitted from time to time by applicable law. In addition, the WBD charter provides that the Board of Directors is expressly authorized to amend, alter or repeal WBD’s bylaws, without the assent or vote of WBD stockholders, by the affirmative vote of at least a majority of the directors then in office. Delaware Anti-Takeover Law In general, Section 203 of the DGCL (“Section 203”) prohibits a publicly held Delaware corporation from engaging in business combinations, which generally includes mergers, sales and leases of assets, issuances of securities and similar transactions by a corporation or subsidiary, with any “interested stockholder”, for a period of three years following the time that such stockholder becomes an interested stockholder, unless:

| • |     | prior to such time the board of directors of the corporation approved either the business combination or the 
 transaction which resulted in the stockholder becoming an interested stockholder;                            |

| • |     | upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the                                                         
 interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced (subject to certain exclusions); or |

| • |     | at or subsequent to such time the business combination is approved by the board of directors and authorized at an                                                                                    
 annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder. |

21

An interested stockholder for purposes of Section 203 means any person (other than the corporation and any direct or indirect majority-owned subsidiary of the corporation) that (i) is the owner of 15% or more of the outstanding voting stock of the corporation, or (ii) is an affiliate or associate of the corporation and was the owner of 15% or more of the outstanding voting stock of the corporation at any time