Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 186

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 186
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 of the terms of this Commitment Letter and the Fee
Letters by returning to us executed counterparts of this Commitment Letter and the Fee Letters in accordance with this paragraph, together with the amounts agreed upon pursuant to the Fee Letters to be payable upon the acceptance hereof, not later
than 11:59 p.m., New York

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City time, on December 4, 2025 (the “”); provided that if signing of this Commitment Letter and the Fee Letters occurs on a day that is not a Business Day,
such fees payable under the Fee Letters shall be due on the next succeeding Business Day. The parties hereto agree that your acceptance of the Commitment Parties’ offer shall only be effective if each such document and all such amounts have
been received in such form by the Commitment Parties prior to the Expiration Time. In the event that we receive your executed counterparts to this Commitment Letter and the Fee Letters at or prior to the Expiration Time, then this Commitment Letter
and the commitments hereunder and the agreement of the Commitment Parties and the Bridge Lead Arrangers to provide the services described herein shall automatically terminate on the Expiration Date unless we shall, in our sole discretion, agree in
writing to an extension. “” means the earliest of (i) 11:59 p.m., Pacific time, on the date that is the earliest to occur of (x) the date on which the Merger Agreement is validly terminated in accordance with
its terms and (y) five Business Days after the date that is fifteen (15) months after the date hereof (which date shall be extended automatically to the same extent the “End Date” in the Merger Agreement is extended pursuant to
Sections 8.1(b)(i)(A) and/or Section 8.1(b)(i)(B) of the Merger Agreement as in effect on the date hereof) and (ii) the closing of the Acquisition without the use of the Bridge Facility.

[Signature Pages Follow]

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We are pleased to have been given the opportunity to assist you in connection with this important financing.

| Very truly yours,                      |     |                     |
| WELLS FARGO BANK, NATIONAL ASSOCIATION |     |                     |
| By:                                    |     | /s/ Jack Stutesman  |
| Name:                                  |     | Jack Stutesman      |
| Title:                                 |     | Director            |
| WELLS FARGO STRATEG