Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 192

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 192
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 greater than 10% (but in any event less than 20%) of the purchase price, such amount so equal to or greater than 10% (but in any event less than 20%) is allocated to reduce the commitments under the Bridge Facility (which, for the avoidance of doubt, will not require the prior written consent of the Bridge Lead Arrangers or any other person), (c) any fluctuation in per share value of the equity consideration component of the consideration under the Merger Agreement will be deemed not to be an amendment, supplement, modification or waiver under the Merger Agreement and (d) any adjustment to the consideration for the Acquisition effected pursuant to the Merger Agreement as in effect on the date of the Commitment Letter will be deemed not to be material and adverse to the interests of the Lenders). C-1

3. The Commitment Parties shall have received (a) audited consolidated balance sheets
and related statements of income and cash flows of the Borrower and the Company (to the extent Borrower has received the same under the Merger Agreement), for the three most recently completed fiscal years ended at least 60 days before the Closing
Date, (b) unaudited condensed consolidated balance sheets and related statements of income and cash flows of each of the Borrower and the Company (to the extent Borrower has received the same under the Merger Agreement), for each subsequent
fiscal quarter (other than the fourth fiscal quarter) ended at least 40 days before the Closing Date; that, for purposes of clauses (a) and (b) above, filing with the SEC of the required financial statements by the Borrower or
the Company will satisfy the foregoing applicable requirements and (c) pro forma financial statements of the Borrower, giving effect to the Acquisition and, if not reflected in the historical financial statements of the Company referred to in
clauses (a) and (b) above, the separation of the Spinco Business, as applicable, as would be required to be included in a public offering of debt or equity (or equity-linked) securities registered with the SEC under the Securities Act or as
required by Regulation S-K and Regulation S-X or any other applicable accounting rules and regulations of the SEC; that to the extent such pro forma
financial statements are filed by the Borrower, the Spinco Business or the Company with the SEC, the condition set forth in this clause (c) shall be deemed satisfied. The Commitment Parties hereby acknowledge receipt of the financial statements