Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 123

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 123
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 have been
consummated in all material respects in accordance with the principal terms of the Separation and Distribution Agreement.

(b)
. The Company Stockholder Approval shall have been obtained.

(c) . The shares
of Buyer Common Stock issuable to the holders of shares of Company Stock pursuant to this Agreement shall have been authorized for listing on NASDAQ upon official notice of issuance.

(d) . (i) Any applicable waiting period under the HSR Act relating to the Merger shall have expired or been
terminated, and any commitments not to close any of the transactions contemplated by this Agreement before a certain date under a timing agreement entered into by the Parties with any Governmental Entity shall have expired or been terminated; and
(ii) any applicable mandatory waiting period, clearance or affirmative approval of any governmental body, agency or authority or other condition set forth in of the Buyer Disclosure Letter shall have
expired or been obtained.

(e) . No Governmental Entity shall after the date of this Agreement have
enacted, issued or promulgated any Law or Governmental Order that is in effect and that restrains, enjoins or otherwise prohibits the consummation of the Merger.

(f) . The Registration Statement shall have become effective in accordance with the provisions of the Securities
Act. No stop order suspending the effectiveness of the Registration Statement shall have been issued and remain in effect, and no Proceedings for that purpose shall have commenced or be threatened in writing by the SEC, unless subsequently
withdrawn.

Section 7.2 . The obligation of the Company to effect
the Merger is further subject to the satisfaction (or waiver by the Company to the extent permitted by applicable Law) of the following conditions:

(a) (i) The representations and warranties of Buyer and Merger Sub set forth in (Capital
Structure), (Capital Structure of Merger Sub) and (Absence of Certain Changes) shall be true and correct, at and as of the Closing, as if made at and as of such time
(except to the extent expressly made as of an earlier date, in which case as of such date), in each case, except for de minimis inaccuracies; (ii) the representations and warranties of Buyer and Merger Sub set forth in the first sentence of
(Organization, Good Standing and, Qualification), (Corporate Authority and Approval) and (Brokers and Finders) shall be true and
correct in all material respects, at and as of Closing, as if made at and as of such time (except