Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 18

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 18
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 9.9               |     | Non-Recourse                                                                                |     |      | 85 |
| Section 9.10              |     | Fulfillment of Obligations                                                                  |     |      | 86 |
| Section 9.11              |     | Expenses                                                                                    |     |      | 86 |
| Section 9.12              |     | Severability                                                                                |     |      | 86 |
| Section 9.13              |     | Successors and Assigns                                                                      |     |      | 86 |
| Section 9.14              |     | Interpretation and Construction                                                             |     |      | 87 |
| Section 9.15              |     | Matters Concerning Financing Related Parties                                                |     |      | 88 |

-iii-

ANNEXES AND EXHIBITS

| Annex A   |     | Certain Definitions                           |
| Exhibit A |     | Form of Separation and Distribution Agreement |

-iv-

AGREEMENT AND PLAN OF MERGER

This AGREEMENT AND PLAN OF MERGER (this “”), dated as of December 4, 2025, is entered into by and among
Warner Bros. Discovery, Inc., a Delaware corporation (“”), Netflix, Inc., a Delaware corporation (“”), Nightingale Sub, Inc., a Delaware corporation and a wholly owned Subsidiary of Buyer
(“”), and New Topco 25, Inc., a Delaware corporation and a wholly owned Subsidiary of the Company (“” and, together with the Company, Buyer and Merger Sub, the “”
and each, a “”).

RECITALS

WHEREAS, prior to the Closing Date and following the receipt of the Company Stockholder Approval, the Company will effect or cause to be
effected the following internal restructuring transactions, in the following order: (i) the Company will assign to the New Company, and will cause the New Company to assume, all of the Company’s rights, obligations and responsibilities
under this Agreement and provide written notice to Buyer and the New Company of such assignment and assumption and thereupon the New Company will, among other things, replace the Company as a constituent corporation in the Merger and the New Company
and Merger Sub will be, for all purposes under the General Corporation Law of the State of Delaware (the “”), the only constituent corporations in the Merger, and the New Company will be the Surviving Corporation in the Merger
(the “”), (ii) immediately following