Company: WBD
Filing Date: 2025-02-27
Form Type: S-3ASR
Source: 0001193125-25-039203
Chunk: 23

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-02-27
Form: S-3ASR
Chunk 23
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 applicable prospectus supplement. Such terms
will include, among others, the conversion or exchange price or rate and any adjustments thereto, the conversion or exchange period and other provisions in addition to or in lieu of those described in this prospectus.

Guarantees

Parent Guarantee.
Unless the applicable prospectus supplement states otherwise, WBD will fully and unconditionally guarantee (the “WBD parent guarantee”) to each holder of debt securities issued by WMH, DCL or Scripps pursuant to this prospectus the due and
punctual payment of the principal of, and any premium and any interest on, those debt securities, when and as the same becomes due and payable, whether at maturity, upon acceleration or otherwise. The related prospectus supplement will describe the
WBD parent guarantee, including the terms under which the parent guarantees will be provided. The WBD parent guarantee will be unsecured and, with respect to WBD parent guarantee of senior debt securities, will rank equally in right of payment with
all other existing and future unsecured and unsubordinated obligations of WBD as applicable, and with respect to parent guarantees of subordinated debt securities, will rank equally in right of payment with all other existing and future unsecured
and subordinated obligations of WBD. The WBD parent guarantee will be effectively subordinated to WBD’s future secured indebtedness, to the extent of the value of the assets securing such indebtedness, and structurally subordinated to any
existing and future indebtedness and other liabilities (including trade payables) of WBD’s subsidiaries that do not guarantee the debt securities.

Subsidiary Guarantee. Unless otherwise indicated in a prospectus supplement, none of the debt securities will be guaranteed by any
subsidiaries of WBD. If the applicable prospectus supplement specifies otherwise, however, WMH, DCL or Scripps (each, a “subsidiary guarantor”) may fully and unconditionally guarantee to each holder of debt securities issued by WBD (each,
a “subsidiary guarantee”), DCL may fully and unconditionally guarantee to each holder of debt securities issued by Scripps or WMH, Scripps may fully and unconditionally guarantee to each holder of debt securities issued by DCL or WMH, and
WMH may fully and unconditionally guarantee to each holder of debt securities issued by DCL or Scripps, the due and punctual payment of the principal of, and any premium and any interest on, those debt securities, when and as the same becomes