Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 342

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 342
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 sell or otherwise dispose of
(or approve or allow the disposition of) more than thirty-five percent (35%) of the gross assets of the SpinCo SAG or more than thirty-five percent (35%) of the gross assets of the SpinCo Active Trade or Business, other than within the SpinCo SAG
(clauses (iii) and (iv) collectively, the “”);

(v) redeem or repurchase any Capital
Stock of SpinCo, other than any Specified Repurchases or Redemptions;

(vi) take any action (including an amendment to the
certificate of incorporation or other organizational documents of SpinCo), affecting the voting rights of the Capital Stock of SpinCo;

(vii) liquidate or partially liquidate SpinCo for U.S. federal income tax purposes;

(viii) take any action or actions or permit any member of the SpinCo Group to take such action or actions (including any
transactions with a third party) that, individually or in the aggregate, would be reasonably likely to result in one or more Persons acquiring stock, directly or indirectly, representing a Fifty-Percent or Greater Interest in SpinCo or to adversely
affect the Intended U.S. Tax Treatment described in clause () of the definition thereof;

(ix) take any of the
actions specified in ; or

27

(x) adopt a plan or enter into any agreement to do any of the actions set
forth in the foregoing clauses (i) through (ix);

unless prior to taking any such action set forth in the foregoing clauses (i) through (x), (A)
SpinCo shall have provided the Company with an Unqualified Tax Opinion in form and substance reasonably satisfactory to the Company (and in determining whether an opinion is reasonably satisfactory, the Company may consider, among other factors, the
appropriateness of any underlying assumptions and any representations used as a basis for the opinion), (B) SpinCo shall have requested that the Company obtain a private letter ruling (or, if applicable, a supplemental private letter ruling) from
the IRS (an “”) in accordance with to the effect that such action will not adversely affect the Intended U.S. Tax Treatment described in clause () of the definition
thereof, and the Company shall have received such IRS Ruling in form and substance reasonably satisfactory to the Company (and in determining whether an IRS Ruling is reasonably satisfactory, the Company may consider, among other factors, the
appropriateness of any underlying assumptions and representations made in connection with such IRS Ruling),