Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 209

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 209
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 the requisite ratings needed to obtain the
financing under any of the SpinCo Financing Arrangements.

2.15 .

(a) The Company shall use commercially reasonable efforts to cause the Net Debt of SpinCo as of the Distribution Effective
Time to equal the Specified Amount. At any time prior to the Distribution Effective Time, the Company may, in its sole discretion, give notice to SpinCo in accordance with providing that the Specified Amount as
of any Distribution Date will be a lesser amount than the amount provided for in (the amount of any such reduction, the “”), and upon such notice, the Specified Amount as of the
Distribution Date shall be deemed the applicable amount set forth in such notice.

(b) In order to provide that, as of the
Distribution Effective Time, the Net Debt is equal to the Specified Amount, at any time prior to the Distribution Effective Time, the Company may, in its sole discretion (A) allocate Cash and Cash Equivalents to accounts of the SpinCo Business
or the Company Business or (B) (i) increase the Company Portion or decrease the SpinCo Portion, (ii) refinance any of the Existing SpinCo Debt Securities or (iii) otherwise enter into additional or alternative financing arrangements
or agreements with respect to indebtedness for borrowed money in order to decrease the Net Debt, and, in each case, may deem any such additional or alternative financing arrangements or agreements to be Company Financing Arrangements.

2.16 .

(a) Within thirty (30) Business Days after the Distribution Date, SpinCo shall prepare and deliver to the Company a
statement (the “”), setting forth the amount by which the Net Debt as of the Distribution Effective Time exceeds, or is less than (as applicable), the Specified Amount.

(b) The Statement shall become final and binding upon the Company and SpinCo on the fifteenth (15) Business Day following delivery thereof, unless the Company gives written notice of its disagreement with the Statement (a “”) to SpinCo prior to such date.
Any Notice of Disagreement shall specify in reasonable detail the nature of any disagreement so asserted. If a Notice of Disagreement is received by SpinCo in a timely manner, then the Statement (as revised in accordance with this sentence) shall
become final and binding upon the Company and SpinCo on the earlier of (A) the date the Company and SpinCo resolve in writing any differences they have with respect to the matters specified in the Notice of Disagreement and