Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 84

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 84
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’s right to determine terms and conditions of such Indebtedness in its sole discretion, the Company shall consider Buyer’s input in good
faith,(E) (1) letters of credit, bank guarantees, security or performance bonds or similar credit support instruments and (2) overdraft facilities or cash management programs or services, in each case, issued, made or entered into
in the Ordinary Course, (F) commercial paper issued in the Ordinary Course and (G) hedging in the Ordinary Course; or

(xxii)
agree, authorize or commit to do any of the foregoing.

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(b) . During the period from the date of this
Agreement until the earlier of the Effective Time and the termination of this Agreement in accordance with , except as otherwise (A) expressly contemplated by or reasonably necessary to effectuate the transactions
contemplated by this Agreement, the Separation and Distribution Agreement or the other Transaction Documents, (B) required by applicable Law, (C) approved in writing (which approval shall not be unreasonably withheld, conditioned or
delayed) by the Company or (D) set forth in of the Buyer Disclosure Letter, Buyer shall (x) use its commercially reasonable efforts to preserve Buyer’s and its Subsidiaries’ business
organization intact and (y) without limiting the generality of and in furtherance of the foregoing, not and shall cause its Subsidiaries not to:

(i) (A) amend its Organizational Documents in any manner that would prevent, materially delay or materially impair the Transactions, or
(B) declare, set aside or pay any dividend or distribution payable in cash, stock or property (or any combination thereof) in respect of any shares of its capital stock or other equity interests (except for any dividends or distributions paid
by a direct or indirect wholly owned Subsidiary of Buyer to another direct or indirect wholly owned Subsidiary of Buyer or to Buyer); or

(ii) agree, authorize or commit to do any of the foregoing.

(c) Nothing contained in this Agreement shall give the Company or Buyer, directly or indirectly, the right to control or direct the other
Party’s operations prior to the Effective Time. Prior to the Effective Time, each Party will exercise, consistent with the terms and conditions of this Agreement, complete control and supervision over its and its Subsidiaries’ respective
operations.

Section 6.2 .

(a) The Company, its Subsidiaries and its and their respective officers and directors will not