Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 176

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 176
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 and

(xiii) to the extent not already identified in clauses (i) through (xii) of this
or clauses (i) through (xii) of , all Assets of either Party or any of the members of its Group as of the Distribution Effective Time that are primarily used or primarily held for use in the Company
Business.

27

2.3 .

(a) SpinCo Liabilities. For the purposes of this Agreement, “” shall mean the
following Liabilities of either Party or any of the members of its Group:

(i) all Liabilities relating to, arising out of or resulting from the inactions, events, omissions, conditions, facts or
circumstances occurring or existing prior to the Distribution Effective Time (whether or not such Liabilities cease being contingent, mature, become known, are asserted or foreseen, or accrue, in each case before, at or after the Distribution
Effective Time), in each case to the extent that such Liabilities relate to, arise out of or result from the SpinCo Business or a SpinCo Asset;

(ii) the applicable portion of all Liabilities set forth on ;

(iii) all Liabilities that are expressly provided by this Agreement or any Ancillary Agreement as Liabilities to be assumed by
SpinCo or any other member of the SpinCo Group, including all Liabilities under the SpinCo Financing Arrangements (other than any such fees, costs and expenses that are specifically attributable to preparing for or consummating the Debt-for-Debt Exchange), and all agreements, obligations and Liabilities of any member of the SpinCo Group under this Agreement or any of the Ancillary
Agreements;

(iv) all Liabilities related to any terminated, divested or discontinued businesses to the extent such
businesses were, at the time of sale, transfer, conveyance, or other disposition or abandonment, closure, discontinuation or other cessation thereof, managed by or associated with the SpinCo Business or any portion thereof as then conducted; and

(v) (A) all Liabilities arising out of litigation or other claims made by any Third Party (including the Company’s
or SpinCo’s respective directors, officers, stockholders, employees or agents) against, or any investigations, sanctions or orders of any Governmental Authority in respect of or binding upon, any member of the Company Group or the SpinCo Group
to the extent (1) the facts underlying such litigation, claim, investigation, sanction or order relate to, arise out of or result