Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 212

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 212
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 the consummation of all or part of the Distribution or the Debt-for-DebtExchange, as applicable. Nothing herein shall in any way limit the Company’s right to terminate this Agreement as set forth in Article IXor alter the consequences of any such termination from those specified in Article IX. (b) Each of SpinCo and the Company shall cooperate with the other Party to accomplish the Distribution and shall use its reasonable best efforts to promptly take all actions reasonably necessary or desirable to effect the Distribution, including in respect of the registration under the Exchange Act of SpinCo Shares on the Form 10. The Company shall select any investment bank or manager in connection with the Distribution, as well as any financial printer, solicitation or exchange agent and financial, legal, accounting and other advisors for the Company. SpinCo and the Company, as the case may be, shall provide, or cause the applicable member of its Group to provide, to the Agent any information required in order to complete the Distribution ( providedthat any information required to be provided under this Section 3.1(b)shall be subject to Section 6.9).

| 5 | Note to Draft: The Company may alternatively update this Restructuring Plan as contemplated by                           
 Section 2.17 (and subject to Buyer’s prior written consent as set forth therein) prior to the signing of this Agreement. |

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(c) In connection with the Contribution, the Company intends to cause the Debt-for-Debt Exchange to be effected. Each of SpinCo and the Company shall cooperate with the other party to accomplish the Debt-for-Debt Exchange and shall, at the Company’s direction, use its reasonable best efforts to promptly take all actions reasonably necessary or desirable to effect the Debt-for-Debt Exchange, including any Customary Offering Actions. The Company shall select any investment bank or manager in connection with the Debt-for-Debt
Exchange, as well as any financial printer, solicitation or exchange agent and financial, legal, accounting and other advisors for the Company in connection with the Debt-for-Debt Exchange.

3.2 . Prior to the Distribution Effective Time and subject to the terms and conditions set forth
herein, the Parties shall take, or cause to be taken, the following actions in connection with the Distribution:

(a)
Notice to Nasdaq. The Company shall, to the extent possible, give the Nasdaq advance notice of the Record Date in compliance with Rule 10b-17 under the Exchange Act.

(b) SpinCo Certificate of Incorporation and