Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 355

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 355
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 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 an IRS Ruling in accordance with to the effect
that such action will not adversely affect the Intended U.S. Tax Treatment described in clause (a) 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), or (C) the Company
shall have waived in writing the requirement to obtain such Unqualified Tax Opinion or IRS Ruling (which waiver may be withheld by the Company in its sole discretion).

28

Section 6.03 . The Company agrees that it will not take
or fail to take, or permit any member of the Company Group, as the case may be, to take or fail to take, as applicable, any action where such action or failure to act would reasonably be expected to cause any material representation, warranty or
covenant of any member of the Company Group in any Company Tax Representation Letter or in this Agreement to be untrue in any material respect.

Section 6.04 . If SpinCo notifies the Company that it desires to take one of the
actions described in ) or (a “”), the Company shall (subject to the proviso set forth in ) cooperate with SpinCo in good faith
to seek to obtain an Unqualified Tax Opinion or, at the Company’s discretion, an IRS Ruling for the purpose of permitting SpinCo to take the Notified Action unless the Company shall have waived in writing the requirement to obtain such
Unqualified Tax Opinion or IRS Ruling. If the Company determines in its discretion to seek an IRS Ruling, the Company shall have sole and exclusive control over the process of obtaining an IRS Ruling.

Section 6.05 Notwithstanding any other provision of this Agreement, the
obligations of SpinCo, the SpinCo Group and the SpinCo SAG described in ) and the restrictions described in ) (other than restrictions relating to any of the actions
specified in ) and shall terminate, and shall not be of any further force or effect, upon