Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 0

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 0
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 5, 2025 (December 3, 2025) Warner Bros. Discovery, Inc. (Exact name of registrant as specified in its charter) Commission File Number: 001-34177

| Delaware                     |     | 35-2333914         |
| (State or other jurisdiction 
 of incorporation)            |     | -IRS Employer      
 Identification No. |

230 Park Avenue South New York, New York 10003 (Address of principal executive offices, including zip code) 212-548-5555 (Registrant’s telephone number, including area code) (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-Kfiling is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

| ☒ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |

| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 
 CFR 240.14a-12)                                                        |

| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |

| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

Securities registered pursuant to Section 12(b) of the Act:

| Title of each class          |     | Trading         
 Symbol(s)       |     | Name of each exchange       
 on which registered         |
| Series A Common Stock        |     | WBD             |     | Nasdaq Global Select Market |
| 4.302% Senior Notes due 2030 |     | WBDI30, WBDI30A |     | Nasdaq Global Market        |
| 4.693% Senior Notes due 2033 |     | WBDI33, WBDI33A |     | Nasdaq Global Market        |

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§