Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 189

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 189
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 by this Agreement or any Ancillary Agreement as Liabilities to be assumed by
SpinCo or any other member of the SpinCo Group, including all Liabilities under the SpinCo Financing Arrangements (other than any such fees, costs and expenses that are specifically attributable to preparing for or consummating the Debt-for-Debt Exchange), and all agreements, obligations and Liabilities of any member of the SpinCo Group under this Agreement or any of the Ancillary
Agreements;

(iv) all Liabilities related to any terminated, divested or discontinued businesses to the extent such
businesses were, at the time of sale, transfer, conveyance, or other disposition or abandonment, closure, discontinuation or other cessation thereof, managed by or associated with the SpinCo Business or any portion thereof as then conducted; and

(v) (A) all Liabilities arising out of litigation or other claims made by any Third Party (including the Company’s
or SpinCo’s respective directors, officers, stockholders, employees or agents) against, or any investigations, sanctions or orders of any Governmental Authority in respect of or binding upon, any member of the Company Group or the SpinCo Group
to the extent (1) the facts underlying such litigation, claim, investigation, sanction or order relate to, arise out of or result from the conduct of the SpinCo Business, the SpinCo Assets or the other business, operations, activities or
Liabilities referred to in clauses (i) through (iii) of this , or (2) such litigation, claim, investigation, sanction or order includes or is based on allegations relating to, arising out of or
resulting from any member of the Company Group’s or of the SpinCo Group’s direct or indirect beneficial ownership of the equity interests of any member of the SpinCo Group prior to the Distribution Effective Time or any member of the
Company Group’s or of the SpinCo Group’s management, oversight, supervision or operation of the SpinCo Business, the SpinCo Assets, the SpinCo Group Employees or the SpinCo Liabilities prior to the Distribution Effective Time, and
(B) all Liabilities to the extent relating to, arising out of or resulting from any matter set forth on ; it being understood that to the extent any such litigation, claim, investigation, sanction or order includes or
is based on allegations relating to, arising out of or resulting from any member of the SpinCo Group’s direct or indirect beneficial ownership of the capital stock of any member of the Company Group prior