Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 187

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 187
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| Name:                               |     | Lauren Steiner                                                 |
| Title:                              |     | Director                                                       |

19

| Accepted and agreed to as of the date first written above by: |     |                     |
| NETFLIX, INC.                                                 |     |                     |
| By:                                                           |     | /s/ Spencer Neumann |
| Name: Spencer Neumann                                         |     |                     |
| Title: Chief Financial Officer                                |     |                     |

[Signature Page to Bridge Commitment Letter]

Capitalized terms used but not defined in this shall have the meanings set forth in the Commitment Letter to which this
is attached and in and thereto.

Pursuant to the Agreement and Plan of Merger dated as of the
date hereof (together with all exhibits, schedules and disclosure letters thereto, the “”), by and among the Borrower, Nightingale Sub, Inc., a Delaware corporation and newly formed subsidiary of the Borrower, and
Warner Bros. Discovery, Inc., a Delaware corporation (the “”), the Borrower intends to acquire the business of the Company identified to the Bridge Lead Arrangers as “Ace” (the “”) after the separation of the “Spinco Business” as described therein (the “”). Any references in the Commitment Letter, this , or to the
“Target Business and its subsidiaries” shall only include those entities that are subsidiaries of the Target Business after consummation of the Separation and Distribution (each as defined in the Merger Agreement as in effect on the date
hereof). In connection therewith, it is currently expected that:

(a) the Borrower will obtain up to $59.0 billion in
commitments under the Bridge Facility less (without duplication) (x) the amount of the cash proceeds received from the New Senior Notes on or prior to the Closing Date and (y) the amount of commitments under the New Revolving Credit
Facility and Delayed Draw Facilities referred to below and as otherwise reduced pursuant to of the Commitment Letter and/or the provisions set forth under the headings “Optional Prepayments and Commitment
Reductions” and “Mandatory Commitment Reduction/Prepayment of Bridge Facility” in ;

(b)
the Borrower will seek to consummate the issuance and sale of an aggregate principal amount of up to approximately $25.0 billion in senior unsecured notes in a registered public offering or a Rule 144A/Regulation S offering or other private
placement or a combination of the