Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 130

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 130
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 other agreements contained in this Agreement, which breach or failure to perform (A) would result in a failure of a condition set forth in or and
(B) cannot be cured by the End Date or, if curable, is not cured by the earlier of (x) the End Date and (y) 45 days following Buyer’s delivery of written notice to the Company stating Buyer’s intention to terminate this
Agreement pursuant to this and the basis for such termination; , that Buyer shall not have a right to terminate this Agreement pursuant to this if
Buyer or Merger Sub is then in material breach of any representation, warranty, agreement or covenant contained in this Agreement; or

(ii) prior to receipt of the Company Stockholder Approval, if the Company Board shall have effected a Change in the Company Recommendation.

Section 8.2 . In the event of a valid termination of this Agreement pursuant to
, the terminating Party shall forthwith give written notice thereof to the other Party or Parties and this Agreement shall terminate, and the transactions contemplated hereby shall be abandoned, without further
action by any of the Parties. In the event of a valid termination of this Agreement pursuant to , this Agreement shall forthwith become null and void and there shall be no liability or obligation on the part of
the Company, Buyer, Merger Sub or their respective Subsidiaries or Affiliates, except that: (i) no such termination shall relieve any Party of its obligation to pay the Company Termination Fee or the Regulatory Termination Fee, as applicable,
if, as and when required pursuant to or any of its other obligations under expressly contemplated to survive the termination of this Agreement pursuant to ; (ii) no such termination shall relieve any Party for liability for such Party’s Fraud or Willful Breach of any covenant or obligation contained in this Agreement prior to its termination; and (iii) the Confidentiality Agreement and
the provisions of this , and shall survive the termination hereof.

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Section 8.3 .

(a) . If (A) this Agreement is terminated by the Company pursuant to
, (B) this Agreement is terminated by Buyer pursuant to , (C) this Agreement is terminated by the Company or Buyer pursuant to
and, immediately prior to the Company Stockholder Meeting, Buyer would have been entitled to terminate this Agreement pursuant to or (D) (x) after the
date of this Agreement, an Acquisition Proposal (substituting in the definition thereof “50%” for “20%” in