Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 168

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 168
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 means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed.

At the reasonable request of the Bridge Lead Arrangers, you agree to use commercially reasonable efforts to assist the Bridge Lead Arrangers
in preparing an additional version of the Lender Presentation or other Information Materials (the “”) to be used by prospective Lenders’ public-side employees and representatives
(“”) who do not wish to receive material non-public information (within the meaning of the United States Federal or State securities laws) with respect to you, the Company (as
defined in Exhibit A), the Target Business, your and their respective subsidiaries and any of your or its respective securities (such material non-public information, “”) and who may be

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engaged in investment and other market-related activities with respect to your, the Company’s, the Target Business’s or your and their respective subsidiaries’ securities or
loans. Upon our request, before distribution of any Lender Presentation or other Information Materials, (a) you agree to execute and deliver to the Bridge Lead Arrangers (i) a customary letter in which you authorize distribution (which
distribution shall be subject to customary confidentiality undertakings reasonably satisfactory to you) of the Lender Presentation or, upon our request, other Information Materials to a prospective Lender’s employees willing to receive MNPI
(“”) and (ii) a separate customary letter in which you authorize distribution of the Public Side Version to Public-Siders and represent on customary terms that no MNPI is contained therein and (b) you agree
to identify that portion of the Lender Presentation or other Information Materials that may be distributed to Public-Siders as not containing MNPI, which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the
first page thereof (and you agree that, by marking the Lender Presentation or other Information Materials as “PUBLIC”, you shall be deemed to have authorized the Bridge Lead Arrangers and the prospective Lenders to treat such Lender
Presentation or other Information Materials as not containing MNPI (it being understood that you shall not be under any obligation to mark the Lender Presentation or other Information Materials as “PUBLIC”)). You acknowledge that the
Bridge Lead Arrangers will make available the Lender Presentation or other Information Materials on a confidential basis to the proposed syndicate of Lenders by posting such information on a deal site on IntraLinks, DebtDomain, SyndTrak,