Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 179

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 179
---
 the Commitment Parties have rendered any advisory services or

11

assert any claim against the Bridge Lead Arrangers or Commitment Parties based on an alleged breach of fiduciary duty by the Bridge Lead Arrangers or the Commitment Parties in connection with
this Commitment Letter and the transactions contemplated hereby or assert any claim based on any actual or potential conflict of interest that might be asserted to arise or result from the engagement of the Bridge Lead Arrangers or the Commitment
Parties or any of their respective affiliates acting as a financial advisor to the Borrower or any of its affiliates, on the one hand, and the engagement of the Bridge Lead Arrangers or the Commitment Parties hereunder and the transactions
contemplated hereby, on the other hand.

You further acknowledge that the Commitment Parties are full service securities or banking firms
engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business, the Commitment Parties may provide investment banking and other financial services to,
and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, you, the Company, the Target Business and other companies
with which you, the Company or the Target Business may have commercial or other relationships. With respect to any securities and/or financial instruments so held by the Commitment Parties or any of their respective customers, all rights in respect
of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.

9.

This Commitment Letter is delivered to you on the understanding that neither this Commitment Letter nor the Fee
Letters nor any of their terms or substance shall be disclosed by you, directly or indirectly, to any other person except (a) you and your officers, directors, employees, attorneys, accountants, agents and advisors and the Company and its
subsidiaries (including the Target Business) and their respective officers, directors, employees, attorneys, accountants, agents and advisors, in each case on a confidential and
need-to-know basis ( that any disclosure of the Fee Letters or their terms or substance to the Company, the Target Business or their respective
subsidiaries or its or their respective officers, directors, employees, attorneys, accountants, agents or advisors shall be redacted in a customary manner in respect of the amounts, percentages and basis points of fees and other amounts set forth