Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 158

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 158
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 Company Group (including, for the avoidance of doubt, the Company Financing Arrangements), in each case which describes the Separation or the Distribution or
the SpinCo Group or primarily relates to the transactions contemplated by this Agreement (including, for the avoidance of doubt, the Distribution and the Debt-for-Debt
Exchange) but excluding any document prepared by Buyer or its Subsidiaries or which primarily relates to the Merger.

“” shall have the meaning set forth in .

“” shall have the meaning set forth in the Recitals.

“” shall mean the date of the consummation of the Distribution; that the Distribution Date
shall be the first calendar day of a month or if such first calendar day of a month is not a Business Day, the Company, in its sole and absolute discretion, may elect for the Distribution Date to be the next Business Day following such first
calendar day of a month.

“” shall mean 12:01 a.m., Eastern time, on the Distribution Date.

“” shall mean the Employee Matters Agreement to be entered into by and between the Company
and SpinCo or members of their respective Groups in connection with the Separation, the Distribution and the other transactions contemplated by this Agreement, substantially in the form attached as , as it may be amended from time to
time in accordance with .

“” shall have the meaning set forth
in .

“” shall mean the U.S. Securities Exchange Act of 1934, as
amended, together with the rules and regulations promulgated thereunder.

11

“ Existing Company Bridge Loan Facility” shall mean the bridge loan facility pursuant to that certain Non-InvestmentGrade Leveraged Bridge Loan Agreement, dated as of June 26, 2025 (as amended, restated, supplemented or otherwise modified or replaced from time to time), by and among, inter alia, certain members of the Company Group, certain members of the SpinCo Group, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent. “ Existing Company Financing Arrangements” shall mean the Existing Company Bridge Loan Facility[, the Existing Company Revolving Credit Facility and the Existing Company Receivables Facility]. 2 “ Existing Company Receivables Facility” shall mean the accounts receivable financing facility pursuant to that certain Fourth Amended and Restated Receivables Purchase Agreement, dated as of August 30, 2022 (as amended, restated, supplemented or otherwise modified from time to time), by