Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 188

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 188
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 foregoing (the “”), in each case on or before the Closing Date for the purpose of utilizing the proceeds thereof as described in clause (e) below;

(c) the Borrower will seek to enter into a new revolving credit facility in an aggregate committed amount of up to
approximately $5.0 billion (the “”) on or before the Closing Date, which will be available to be drawn for the purposes described in clause (e) below subject only to the satisfaction (or
waiver by the lenders thereunder) of the conditions expressly set forth in and hereof (or may, subject to the satisfaction of customary conditions for a revolving credit facility, be drawn prior
to or after the Closing Date for general corporate purposes);

(d) the Borrower will seek to incur delayed draw term loan
facilities (the “”) in an aggregate committed amount of approximately $20.0 billion which will be available to be drawn solely for the purposes described in clause (e) below subject only to the
satisfaction (or waiver by the lenders thereunder) of the conditions expressly set forth in and hereof; and

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(e) the proceeds of the Bridge Facility, the New Senior Notes, and amounts
borrowed under the New Revolving Credit Facility and the Delayed Draw Facilities shall be applied, in any combination with cash on hand or other available financing arrangements, (i) to pay the cash portion of the purchase price in connection
with the Acquisition, (ii) to pay the fees, costs and expenses incurred in connection with the Transactions (as defined below) and (iii) at the option of the Borrower, to refinance any indebtedness of the Target Business and/or its
subsidiaries.

The transactions described above are collectively referred to herein as the “”. For purposes
of this Commitment Letter and the Fee Letters, “” shall mean the date of the satisfaction (or waiver by the Commitment Parties) of the conditions expressly set forth in Section 6 of this Commitment Letter and
and closing of the Acquisition.

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Exhibit B PROJECT NOBLE 364-DaySenior Unsecured Bridge Facility Summary of Terms and Conditions

| I.  |     | Parties                      |     |                                                                                                                                                                                                                                  |
|     |     | Borrower:                    |     | Netflix, Inc., a Delaware corporation (the “Borrower”).                                                                                                                                                                          |
|     |     | Lead Arrangers               
 and Bookrunners:             |     | Wells Fargo Securities, LLC, BNP