Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 149

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 149
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 not prevent or otherwise affect a determination that any Effect underlying such failure has resulted in, or contributed to, or would reasonably be expected to
result in, or contribute to, a Company Material Adverse Effect;

(F) Effects resulting from acts of war (whether or not
declared), civil disobedience, hostilities, sabotage, terrorism, cyberterrorism, ransomware or malware, military actions or the escalation of any of the foregoing, any hurricane, flood, tornado, earthquake or other weather or natural disaster, or
any epidemic, pandemic, outbreak of illness or other public health event (including pandemics and epidemics) or any other force majeure event, or any national or international calamity or crisis;

(G) any actions taken or failed to be taken by the Company or its Subsidiaries that are required to be taken by this Agreement
or any Transaction Document or any actions taken with Buyer’s written consent or failed to be taken at Buyer’s written request;

(H) any Effect or announcement of an Effect affecting the credit rating or other rating of financial strength of the Company,
its Subsidiaries or any of their respective securities or the Retained Business; that the exception in this clause (H) shall not prevent or otherwise affect a determination that any Effect underlying such Effect, announcement of
an Effect has resulted in, or contributed to, or would reasonably be expected to result in, or contribute to, a Company Material Adverse Effect;

(I) any change, in and of itself, in the market price or trading volume of the securities of the Company (it being understood
that the facts or occurrences giving rise to or contributing to such change may be taken into account in determining whether there has been or would reasonably be expected to be a Company Material Adverse Effect, unless otherwise excluded in this
definition of “Company Material Adverse Effect”); or

Annex A-5

(J) any Effect attributable to or arising as a result of the transactions
contemplated by the Separation and Distribution Agreement, including any Taxes attributable to or otherwise arising in connection therewith;

, that, with respect to clauses (A), (B), (D) and (F), such Effect shall be taken into account in
determining whether a “Company Material Adverse Effect” has occurred or is occurring to the extent it materially and disproportionately adversely affects the Retained Business (taken as a whole) compared to other businesses operating in
the industries and geographiesin which the Retained Business operate (in which case