Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 232

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 232
---
, any and all Privileged Information solely to the extent it relates to this Agreement, the Ancillary Agreements, the Merger Agreement, the Transaction Documents and the negotiations, structuring and transactions
contemplated hereby and thereby belonging to or possessed by the Company Group prior to the Separation shall be deemed to relate solely to the SpinCo Business. Upon the consummation of the Distribution, (A) any advice given by or communications
with each of the Parties set forth on , to the extent it directly relates to this Agreement, the Ancillary Agreements, the Merger Agreement, the Transaction Documents and/or negotiations, structuring and transactions
contemplated hereby or thereby, shall not be a shared privilege and shall be deemed to relate solely to the SpinCo Business and (B) any advice given or communications with in-house counsel of the Company
Group prior to the Separation, to the extent it directly relates to this Agreement, the Ancillary Agreements, the Merger Agreement, the Transaction Documents and/or the negotiations, structuring and transactions contemplated hereby or thereby, shall
not be a joint privilege and shall be deemed to relate solely to the SpinCo Business.

(c) Subject to the remaining
provisions of this , the Parties agree that they shall have a shared privilege or immunity with respect to all privileges and immunities not allocated pursuant to and all
privileges and immunities relating to any Actions or other matters that involve both Parties (or one or more members of their respective Groups) and in respect of which both Parties have Liabilities under this Agreement, and that no such shared
privilege or immunity may be waived by either Party without the consent of the other Party. The Parties shall use the procedures set forth in Article to resolve any disputes as to whether any Privileged Information relates solely to the
Company Business, solely to the SpinCo Business, or to both the Company Business and the SpinCo Business.

(d) If any
dispute arises between the Parties or any members of their respective Groups regarding whether a privilege or immunity should be waived to protect or advance the interests of either Party or any member of its Group, each Party agrees that it shall
(i) negotiate with the other Party in good faith; (ii) endeavor to minimize any prejudice to the rights of the other Party; and (iii) not unreasonably withhold, condition or delay consent to any request for waiver by the other Party.
In addition, each Party specifically agrees that it shall not withhold its consent to the waiver of a privilege