Company: WBD
Filing Date: 2025-02-27
Form Type: S-3ASR
Source: 0001193125-25-039203
Chunk: 49

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-02-27
Form: S-3ASR
Chunk 49
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 Exchange Act, and a successor depositary registered as a clearing agency under the Exchange Act is not
appointed by us within 90 days, we will issue securities in definitive form in exchange for the registered global security that had been held by the depositary. Any securities issued in definitive form in exchange for a registered global security
will be registered in the name or names that the depositary gives to the relevant trustee, warrant agent, unit agent or other relevant agent of ours or theirs. It is expected that the depositary’s instructions will be based upon directions
received by the depositary from participants with respect to ownership of beneficial interests in the registered global security that had been held by the depositary.

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PLAN OF DISTRIBUTION We may sell securities from time to time in any legal manner selected by us, including:

| • |     | through underwriters; |

| • |     | through dealers; |

| • |     | through agents; |

| • |     | through remarketing firms or other third parties; |

| • |     | directly to purchasers; or |

| • |     | through a combination of any of these methods of sale. |

In addition, we may issue the securities as a dividend or distribution or in a subscription rights offering to our existing security holders. We may directly solicit offers to purchase securities, or agents may be designated to solicit such offers. We will, in the prospectus supplement relating to such offering, name any agent that could be viewed as an underwriter under the Securities Act, and describe any compensation that we must pay. Any such agent will be acting on a best efforts basis for the period of its appointment or, if indicated in the applicable prospectus supplement, on a firm commitment basis. This prospectus may be used in connection with any offering of our securities through any of these methods or other methods described in the applicable prospectus supplement. The distribution of the securities by us may be effected from time to time in one or more transactions:

| • |     | at a fixed price, or prices, which may be changed from time to time; |

| • |     | at market prices prevailing at the time of sale; |

| • |     | at prices related to such prevailing market prices; |

| • |     | at varying prices determined at the time of sale; |

| • |     | at negotiated prices; or |

| • |     | as in-kind distributions. |

Any such sales may be effected:

| • |     | on the Nasdaq Stock Market LLC