Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 125

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 125
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 to the contrary, Buyer expressly acknowledges and agrees that (i) its obligations hereunder, including to consummate the Closing subject to the terms and conditions hereof, are not conditioned in any manner upon Buyer
obtaining the Financing (including, for the avoidance of doubt, any securities issuance) and (ii) any breach by the Company of or shall be deemed not to
constitute a breach for all of purposes of this Agreement (including for purposes of and ) unless (w) the Financing has not been consummated as a result of the
failure of any condition precedent to the funding of the Financing, (x) the Company has materially breached its obligations under or , (y) such breach is the
proximate cause of the Financing not being consummated and (z) Buyer has notified the Company of such breach in writing a reasonably sufficient amount of time prior to the End Date to afford the Company with reasonable opportunity to cure such
breach (detailing in good faith (I) reasonable specificity as to the basis for any such breach and (II) reasonable steps that comply with or in order to
cure such breach) and the Company has not taken such steps or otherwise cured such breach within such time as would reasonably permit Buyer to consummate the Financing prior to the End Date.

-74-

ARTICLE VII

CONDITIONS

Section 7.1
. The respective obligation of each Party to consummate the Merger is subject to the satisfaction or waiver at or prior to the Closing of each of the following conditions:

(a) . The Separation and Distribution shall have been consummated in all material respects in accordance with
the principal terms of the Separation and Distribution Agreement.

(b) . The Company
Stockholder Approval shall have been obtained.

(c) . The shares of Buyer Common Stock issuable to the holders of shares of
Company Stock pursuant to this Agreement shall have been authorized for listing on NASDAQ upon official notice of issuance.

(d)
. (i) Any applicable waiting period under the HSR Act relating to the Merger shall have expired or been terminated, and any commitments not to close any of the transactions contemplated by this Agreement before a
certain date under a timing agreement entered into by the Parties with any Governmental Entity shall have expired or been terminated; and (ii) any applicable mandatory waiting period, clearance or affirmative approval of any governmental body,
agency or authority or other condition set forth in of the Buyer Disclosure Letter shall have expired or been obtained.

(e) .