Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 196

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 196
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” and, together with the Existing
SpinCo Debt Securities and New SpinCo Debt Securities, the “”), the net proceeds of which shall be used to repay all or a portion of the Existing Company Bridge Loan Facility.

(b) Unless automatically released in accordance with the terms of such indebtedness, the Company and SpinCo shall take all
necessary actions to ensure the full release and discharge of the Company and the other members of the Company Group from all obligations pursuant to the SpinCo Financing Arrangements to which they are party (including any Security Interest granted
by the Company or such other members of the Company Group to secure any obligations pursuant to the SpinCo Financing Arrangements) as of no later than the Distribution Effective Time.

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(c) Prior to the Distribution Effective Time, the Company and SpinCo shall
cooperate in the preparation of all materials as may be necessary or advisable to execute the SpinCo Financing Arrangements. Without limiting the foregoing, prior to the Distribution Effective Time, the Company and SpinCo shall participate in the
preparation of all materials and presentations as may be reasonably necessary to obtain funding pursuant to the SpinCo Financing Arrangements, including rating agency presentations necessary to obtain the requisite ratings needed to obtain the
financing under any of the SpinCo Financing Arrangements.

2.15 .

(a) The Company shall use commercially reasonable efforts to cause the Net Debt of SpinCo as of the Distribution Effective
Time to equal the Specified Amount. At any time prior to the Distribution Effective Time, the Company may, in its sole discretion, give notice to SpinCo in accordance with providing that the Specified Amount as
of any Distribution Date will be a lesser amount than the amount provided for in (the amount of any such reduction, the “”), and upon such notice, the Specified Amount as of the
Distribution Date shall be deemed the applicable amount set forth in such notice.

(b) In order to provide that, as of the
Distribution Effective Time, the Net Debt is equal to the Specified Amount, at any time prior to the Distribution Effective Time, the Company may, in its sole discretion (A) allocate Cash and Cash Equivalents to accounts of the SpinCo Business
or the Company Business or (B) (i) increase the Company Portion or decrease the SpinCo Portion, (ii) refinance any of the Existing SpinCo Debt Securities or (iii) otherwise enter into additional or alternative financing arrangements
or agreements with respect to indebtedness for borrowed money in order