Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 172

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 172
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 any of their respective Representatives, Subsidiaries or Affiliates, or by the respective Representatives of their Subsidiaries or Affiliates.

(b) Internal Restructuring. Without limiting any other provision hereof, at or prior to the Distribution Effective Time
(subject to , each of the Company and SpinCo has taken or will take, and has caused or will cause each member of its Group to take, such actions as are reasonably necessary to consummate or evidence the Internal
Restructuring.

(c) Transfer Documents. In furtherance of the contribution, assignment, transfer, conveyance and
delivery of and succession to the Assets, the acceptance and assumption of, performance, discharge and fulfillment of and succession to the Liabilities in accordance with , and the other components of the
Internal Restructuring, each Party shall execute and deliver, and shall cause the applicable members of its Group to execute and deliver, to the other Party, (i) such bills of sale, quitclaim deeds, stock powers, certificates of title,
assignments of contracts and other instruments of contribution, transfer, conveyance, assignment, delivery and succession as and to the extent necessary to evidence the contribution, transfer, conveyance, assignment, delivery and succession of all
of such Party’s and the applicable members of its Group’s right, title and interest in and to such Assets to the other Party and the applicable members of its Group in accordance with ,
(ii) such assumptions of contracts and other instruments of acceptance and assumption, performance, discharge and fulfillment and succession as and to the extent necessary to evidence the valid and effective assumption of the Liabilities by
such Party and the applicable members of its Group in accordance with and (iii) any other documents, instruments or contracts that are necessary to effect any other components of the Internal
Restructuring. All of the foregoing documents contemplated by this shall be referred to collectively herein as the “.”

(d) Misallocations. In the event that at any time or from time to time (whether prior to, at or after the Distribution
Effective Time), one Party (or any member of such Party’s Group) shall receive or otherwise possess any Asset (including any payments, accounts receivable or other earnings or proceeds received with respect to such Asset) that is allocated to
the other Party (or any member of such other Party’s Group) pursuant to this Agreement or any Ancillary Agreement, such Party shall promptly transfer, or cause to be transferred, such Asset (including any payments, accounts

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receivable