Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 163

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 163
---
, supplemented or modified pursuant to Section 2.17(the “ Restructuring Plan”), and, in connection therewith, the Company will (i) contribute to SpinCo all of the membership interests of [Wonder Delight], LLC, a Delaware limited liability company and wholly owned direct Subsidiary of the Company, and (ii) cause certain other SpinCo Assets to be contributed to SpinCo in exchange for SpinCo Shares and New SpinCo Debt Securities (collectively, the “ Contribution”); WHEREAS, in connection with the Contribution, the Company intends to cause one or more exchanges of New SpinCo Debt Securities for debt of [[Delight] Global Holdings, LLC (“ DGH”)], or a wholly owned Subsidiary thereof to be effected (collectively, the “ Debt-for-DebtExchange”); WHEREAS, following the Contribution, on the terms and subject to the conditions set forth herein, the Company will make a distribution, on a pro rata basis, to holders of the Company Shares on the Record Date of all of the SpinCo Shares that it receives in connection with the Contribution, representing all of the outstanding SpinCo Shares (the “ Distribution”); WHEREAS, at the time of the Distribution, the Company will use its commercially reasonable efforts to cause the SpinCo Group to have Net Debt equal to the Specified Amount (which amount will, as specified on Schedule 1.18, generally decline each month consistent with anticipated decreases over time in the balance of the Existing Company Bridge Loan Facility, as a result of the generation of cash by the SpinCo Business);

| 1 | Note to Draft: RemainCo to be a newly formed holding company; entity name to be confirmed. |

WHEREAS, Netflix, Inc., a Delaware corporation (“”), Nightingale
Sub, Inc., a Delaware corporation (“”) and the Company have entered into that certain Agreement and Plan of Merger (the “”), dated as of December 4, 2025, pursuant to which,
following the Distribution, on the terms and subject to the conditions set forth therein, Merger Sub will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of Buyer (the “”).

WHEREAS, SpinCo has been incorporated solely for these purposes and has not engaged in activities except in preparation for the Separation,
the Contribution, the Distribution and the Merger;

WHEREAS, for U.S. federal income tax purposes, it is intended that the Contribution
and the Distribution will qualify for the