Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 214

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 214
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) in connection with the Distribution.

(f) Information Statement. The Company shall, as soon as
is reasonably practicable after the Form 10 is declared effective under the Exchange Act and the Company Board has approved the Distribution, cause the Information Statement to be sent or otherwise made available to Record Holders.

(g) The Distribution Agent. The Company shall enter into a distribution agent agreement with the Agent or otherwise
provide instructions to the Agent regarding the Distribution.

(h) Stock-Based Employee Benefit Plans. The Company
and SpinCo shall take such actions as may be necessary to approve the grants of adjusted equity awards by the Company (in respect of Company Shares) and SpinCo (in respect of SpinCo Shares) in connection with the Distribution in order to satisfy the
requirements of Rule 16b-3 under the Exchange Act.

(i) New SpinCo Debt Securities. SpinCo shall take all necessary actions to cause the New SpinCo Debt Securities to be issued as part of the Contribution.

3.3 .

(a) The consummation of the Distribution shall be subject to the satisfaction, or waiver by the Company in its sole and
absolute discretion, of the following conditions:

(i) The Company Board shall be satisfied that the Distribution will be
made out of surplus in accordance with Section 170 of the Delaware General Corporation Law and shall have declared the dividend of SpinCo Shares contemplated by the Distribution to the holders of Company Shares on the Record Date;

(ii) The SEC shall have declared effective the Form 10; no order suspending the effectiveness of the Form 10 shall be in
effect; and no proceedings for such purposes shall have been instituted or threatened by the SEC;

(iii) The Information
Statement shall have been sent or otherwise made available to the Record Holders;

47

(iv) An outside valuation advisory firm reasonably acceptable to the Company
shall have delivered one (1) or more opinions to the Company Board regarding solvency and surplus matters with respect to the Company and SpinCo immediately after consummation of the Distribution, and such opinions shall be reasonably
acceptable to the Company in form and substance in the Company’s reasonable discretion and such opinions shall not have been withdrawn or rescinded;

(v) The transfer of the SpinCo Assets (other than any Delayed SpinCo Asset) and SpinCo Liabilities (other than any Delayed
SpinCo Liability) contemplated to be transferred from the Company or the applicable members of the Company Group to SpinCo or the applicable members of the SpinCo Group prior to the Distribution shall have