Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 195

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 195
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 fulfillment by, or succession by the Company Group of any Company Liability would be a violation
of applicable Law or requires any Approval or Notification in connection with the Separation or the Distribution that has not been obtained or made by the Distribution Effective Time, then, unless the Parties otherwise agree, the contribution,
assignment, transfer, conveyance, delivery or succession to the Company Group of such Company Assets or the acceptance or assumption by, performance, discharge and fulfillment of or succession by the Company Group to such Company Liability, as the
case may be, shall be automatically deemed deferred, and any of the foregoing shall be null and void until such time as all legal impediments are removed or such Approval or Notification has been obtained or made. Notwithstanding the foregoing, any
such Company Assets or Company Liabilities shall continue to constitute Company Assets and Company Liabilities for all other purposes of this Agreement.

(h) Treatment of Delayed Company Assets and Delayed Company Liabilities. If any contribution, assignment, transfer,
conveyance or delivery of or succession to any Company Asset or any acceptance or assumption of, performance, discharge and fulfillment of or succession to any Company Liability intended to be contributed, assigned, transferred, conveyed, delivered,
succeeded to, accepted, assumed, or performed, discharged or fulfilled hereunder, as the case may be, is not consummated at

32

or prior to the Distribution Effective Time whether as a result of the provisions of or for any other reason (any such Company Asset, a “” and any such Company Liability, a “”), then, insofar as reasonably possible and subject to applicable Law, the member of the SpinCo Group retaining such Delayed Company Asset or
such Delayed Company Liability, as the case may be, shall thereafter hold such Delayed Company Asset or Delayed Company Liability, as the case may be, for the use and benefit of the member of the Company Group entitled thereto (at the expense of the
member of the Company Group entitled thereto), and such member of the Company Group shall be afforded all the benefits and burdens of such Delayed Company Asset or Delayed Company Liability, as applicable. In addition, the member of the SpinCo Group
retaining such Delayed Company Asset or such Delayed Company Liability shall, insofar as reasonably possible and to the extent permitted by applicable Law, treat such Delayed Company Asset or Delayed Company Liability in the ordinary course of
business in accordance with past practice. Such member of the SpinCo Group shall also take such other