Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 23

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 23
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 to carry out this Agreement, then the officers and directors of the Surviving Corporation shall be authorized to take all such actions as
may be necessary or desirable to vest all right, title or interest in, to and under such rights, properties or assets in the Surviving Corporation or otherwise to carry out this Agreement.

ARTICLE II

EFFECT OF THE
MERGER ON CAPITAL STOCK

Section 2.1 . At the Effective
Time, by virtue of the Merger and without any action on the part of the Company, Buyer or Merger Sub or any other Person:

(a) All shares
of Company Stock that are owned, directly or indirectly, by Buyer, the Company (including shares held as treasury stock or otherwise) or Merger Sub immediately prior to the Effective Time shall be automatically canceled and shall cease to exist and
no consideration shall be delivered in exchange therefor.

(b) Each share of Company Stock issued and outstanding immediately prior to the
Effective Time (other than shares (i) to be canceled in accordance with , and (ii) subject to the provisions of ) shall be converted into the right to receive the
Merger Consideration, subject to the provisions of this .

(c) All shares of Company Stock converted into the
Merger Consideration pursuant to this shall automatically be canceled and shall cease to exist, and each holder of (i) a certificate that immediately prior to the Effective Time represented any such shares
of Company Stock (a “”) or (ii) shares of Company Stock held in book-entry form (“”) shall cease to have any rights with respect thereto, except (subject to
) the right to receive the Merger Consideration, without interest, subject to compliance with the procedures set forth in .

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(d) Each share of capital stock of Merger Sub issued and outstanding immediately prior to
the Effective Time shall be converted into and become one (1) validly issued, fully paid and nonassessable share of common stock, par value $0.01 per share, of the Surviving Corporation.

Section 2.2 . Notwithstanding anything in this Agreement to the contrary, if, from the date of this Agreement
until the earlier of (a) the Effective Time and (b) any termination of this Agreement in accordance with , the outstanding shares of Buyer Common Stock or Company Stock shall have been changed into a
different number of shares or a different class by reason of any reclassification, stock split (including a reverse stock split), recapitalization, split