Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 353

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 353
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 covenant of any member of the SpinCo Group in any SpinCo Tax
Representation Letter or in this Agreement to be untrue in any material respect.

26

(b) Except as otherwise provided in , SpinCo agrees
that, from the date hereof until the first Business Day after the two-year anniversary of the Distribution Date, the SpinCo Group shall not do any of the following:

(i) enter into any Proposed Acquisition Transaction or, to the extent that any member of the SpinCo Group has the right to
prohibit any Proposed Acquisition Transaction, permit any Proposed Acquisition Transaction to occur;

(ii) merge or
consolidate SpinCo with any other Person, unless SpinCo is the survivor of the merger or consolidation;

(iii) cause the
SpinCo SAG to fail to be actively engaged in the conduct of the SpinCo Active Trade or Business;

(iv) individually or in
the aggregate, measured based on fair market value as of the time of the Distribution, except for (A) sales or other dispositions in the ordinary course of business, (B) any cash paid to acquire assets from an unrelated Person in an
arm’s length transaction or (C) any cash paid to effect a mandatory or optional repayment (or pre-payment) of any indebtedness of SpinCo or any member of the SpinCo SAG, sell or otherwise dispose of
(or approve or allow the disposition of) more than thirty-five percent (35%) of the gross assets of the SpinCo SAG or more than thirty-five percent (35%) of the gross assets of the SpinCo Active Trade or Business, other than within the SpinCo SAG
(clauses (iii) and (iv) collectively, the “”);

(v) redeem or repurchase any Capital
Stock of SpinCo, other than any Specified Repurchases or Redemptions;

(vi) take any action (including an amendment to the
certificate of incorporation or other organizational documents of SpinCo), affecting the voting rights of the Capital Stock of SpinCo;

(vii) liquidate or partially liquidate SpinCo for U.S. federal income tax purposes;

(viii) take any action or actions or permit any member of the SpinCo Group to take such action or actions (including any
transactions with a third party) that, individually or in the aggregate, would be reasonably likely to result in one or more Persons acquiring stock, directly or indirectly, representing a Fifty-Percent or Greater Interest in SpinCo or to adversely
affect the Intended U.S. Tax