Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 152

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 152
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 dividing (i) the Cash Consideration by (ii) the Average Buyer Stock Price. “ ERISA” means the Employee Retirement Income Security Act of 1974. “ Exchange Act” means the Securities Exchange Act of 1934, as amended. “ Exchange Ratio” means the following (in each case rounded to four decimals):

| i. | If the Average Buyer Stock Price is an amount equal to or greater than the High End Collar Price, then the 
 Exchange Ratio shall be 0.0376;                                                                            |

| ii. | If the Average Buyer Stock Price is an amount greater than the Low End Collar Price but less than the High End                            
 Collar Price, then the Exchange Ratio shall be equal to the quotient obtained by dividing (x) $4.50 by (y) the Average Buyer Stock Price; |

| iii. | If the Average Buyer Stock Price is an amount less than or equal to Low End Collar Price, then the Exchange 
 Ratio shall be 0.0460;                                                                                      |

providedthat, if the Company has given notice of a Specified Amount Reduction pursuant to the Separation and Distribution Agreement, then the Exchange Ratio shall be equal to the Exchange Ratio calculated in accordance with prongs (i)-(iii) above minusthe Exchange Ratio Reduction. “ Exchange Ratio Reduction” means a number equal to (a) the Specified Amount Reduction multiplied by(b) the Stock Consideration Percentage divided by(c) the Effective Time FD Share Count, divided by(d) the Collar Price. Annex A-8

“” shall mean the bridge loan
facility pursuant to that certain Non-Investment Grade 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.

“” means sanctions and export control Laws and regulations where such Person does business
or is otherwise subject to jurisdiction, including the U.S. International Traffic in Arms Regulations, the Export Administration Regulations, U.S. sanctions Laws and regulations administered by the Department of the Treasury’s Office of
Foreign Assets Control and the anti-boycott regulations administered by the U.S. Department of Commerce and U.S. Department of Treasury.

“” (or any variant thereof) shall mean, regarding any asset or property