Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 341

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 341
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 that it is not aware of the existence of any reason, nor has it taken or agreed to take any action, that would reasonably be expected to prevent or impede the Transactions and the Specified U.S. Internal Restructuring Transactions from
qualifying for the Intended U.S. Tax Treatment described in clause () of the definition thereof. The Company represents and warrants that it is not aware of the existence of any acquisition (as such term is used in Section 355(e)
of the Code), other than the Merger, in connection with the transactions contemplated by the Separation Agreement.

(d) . Except as otherwise provided in , SpinCo agrees that, from the date hereof until the first Business Day after the two-year anniversary of the Distribution
Date, the SpinCo SAG will continue and cause to be continued the SpinCo Active Trade or Business.

Section 6.02 .

(a) SpinCo agrees that it will not take or fail to take, or permit any member of the SpinCo Group, as
the case may be, to take or fail to take, as applicable, any action where such action or failure to act would reasonably be expected to cause any material representation, warranty or covenant of any member of the SpinCo Group in any SpinCo Tax
Representation Letter or in this Agreement to be untrue in any material respect.

26

(b) Except as otherwise provided in , SpinCo agrees
that, from the date hereof until the first Business Day after the two-year anniversary of the Distribution Date, the SpinCo Group shall not do any of the following:

(i) enter into any Proposed Acquisition Transaction or, to the extent that any member of the SpinCo Group has the right to
prohibit any Proposed Acquisition Transaction, permit any Proposed Acquisition Transaction to occur;

(ii) merge or
consolidate SpinCo with any other Person, unless SpinCo is the survivor of the merger or consolidation;

(iii) cause the
SpinCo SAG to fail to be actively engaged in the conduct of the SpinCo Active Trade or Business;

(iv) individually or in
the aggregate, measured based on fair market value as of the time of the Distribution, except for (A) sales or other dispositions in the ordinary course of business, (B) any cash paid to acquire assets from an unrelated Person in an
arm’s length transaction or (C) any cash paid to effect a mandatory or optional repayment (or pre-payment) of any indebtedness of SpinCo or any member of the SpinCo SAG,