Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 164

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 164
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 Intended U.S. Tax Treatment;

WHEREAS, SpinCo and the Company [have prepared], and SpinCo [has
filed] with the SEC, the Form 10, which includes the Information Statement, and which sets forth disclosure concerning SpinCo, the Separation and the Distribution;

WHEREAS, this Agreement, together with other agreements implementing the Contribution and the Distribution, is intended to constitute a plan
of reorganization within the meaning of Treasury Regulations Section 1.368-2(g);

WHEREAS,
under the Merger Agreement, it is a condition to the Merger that this Agreement shall be entered into by the Parties and the Separation, the Contribution and the Distribution shall have occurred; and

WHEREAS, each of the Company and SpinCo has determined that it is appropriate and desirable to set forth the principal corporate transactions
required to effect the Separation and the Distribution and certain other agreements that will govern certain matters relating to the Separation and the Distribution and the relationship of the Company, SpinCo and the members of their respective
Groups following the Distribution;

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this
Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as set forth herein.

ARTICLE I

DEFINITIONS

For the purpose of this Agreement, the following terms shall have the following meanings:

“” shall have the meaning set forth in .

“” shall have the meaning set forth in .

5

“” shall mean any demand, action, claim, charge, dispute, suit,
countersuit, arbitration, inquiry, subpoena, proceeding or investigation of any nature (whether criminal, civil, legislative, administrative, regulatory, prosecutorial or otherwise) by or before any Governmental Authority or any arbitration or
mediation tribunal.

“” shall mean, when used with respect to a specified Person, a Person that, directly or
indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such specified Person. For the purpose of this definition, “” (including, with correlative meanings,
“” and “”), shall mean, when used with respect to any specified Person, the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities or other interests, by contract, agreement,