Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 166

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 166
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 shall have the meaning set forth in the Recitals.

“” shall mean, on a consolidated basis, the aggregate balance of cash and cash equivalents,
currency on hand, cash balances in deposits with banks or financial institutions, investment accounts, negotiable instruments, checks, money orders, marketable securities, short-term instruments and other cash equivalents, the amount of
any undeposited checks and uncleared drafts and wires sent to third parties, the amount of any deposits in transit.

“” shall mean the agreements set forth on ,in each case to be entered into
by and between the Company and SpinCo or members of their respective Groups in connection with the Separation, the Distribution and the other transactions contemplated by this Agreement, as such agreements may be amended from time to time in
accordance with .

“” shall have the meaning set forth in the Preamble.

“” shall have the meaning set forth in .

“” shall have the meaning set forth in .

“” shall have the meaning set forth in the Recitals.

“” shall mean all businesses, operations and activities (whether or not such businesses, operations or
activities have been terminated, divested or discontinued) conducted at any time prior to the Distribution Effective Time by either Party or any current or former member of its Group, other than the SpinCo Business, including the business,
operations and activities that constitute the Streaming segment and the Studios segment of the Company as narratively described in the Annual Report on Form 10-K of the Company for the fiscal year ending
December 31, 2024 and as updated in the Quarterly Report on Form 10-Q of the Company for the period ending September 30, 2025, as constituted as of the date of this Agreement, as such business,
operations and activities have been conducted at any time prior to the Distribution Effective Time by either Party or any current or former member of its Group (or any of their respective predecessors), including such businesses, operations and
activities at times when those of such segment as of the date of this Agreement were part of different segments; that, notwithstanding its inclusion or exclusion, as applicable, in the Streaming segment and the Studios segment, the
Company Business shall not include the business, operation and activities set forth on and shall include the business, operations and activities set forth on .

7

“” shall mean all contracts and agreements to which
either Party or any member of its Group is a party or by which it or any member of its Group or any of their respective Assets is