Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 143

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 143
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 any other definition set forth in, or any other provision of, this Agreement to the extent that an amendment, waiver or other modification of such
definition or other provision would amend, waive or otherwise modify the substance of this or the definition of “Financing,” “Financing Documents,” “Financing Sources” or
“Financing Related Parties”) shall not be amended, waived or otherwise modified, in each case, in any way adverse to the Financing Related Parties in any material respect without the prior written consent of the Financing Sources; that nothing in this shall limit the rights of the parties to the Financing under the Commitment Letter or any Financing Document.

-89-

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized officers of the parties to this Agreement as of the date first written above.

| Warner Bros. Discovery, Inc. |     |                    |     |                                    |
| By                           |     | /s/ Bruce Campbell |     |                                    |
|                              |     | Name:              |     | Bruce Campbell                     |
|                              |     | Title:             |     | Chief Revenue and Strategy Officer |

| New Topco 25, Inc. |     |                    |     |                                    |
| By                 |     | /s/ Bruce Campbell |     |                                    |
|                    |     | Name:              |     | Bruce Campbell                     |
|                    |     | Title:             |     | Chief Revenue and Strategy Officer |

[ Signature Page to Agreement and Plan of Merger]

| Netflix, Inc.         |     |                  |     |                            |
| By                    |     | /s/ Ted Sarandos |     |                            |
|                       |     | Name:            |     | Ted Sarandos               |
|                       |     | Title:           |     | Co-Chief Executive Officer |
| Nightingale Sub, Inc. |     |                  |     |                            |
| By                    |     | /s/ Ted Sarandos |     |                            |
|                       |     | Name:            |     | Ted Sarandos               |
|                       |     | Title:           |     | President                  |

[ Signature Page to Agreement and Plan of Merger]

Annex A

Certain Definitions

“” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under
common control with such Person (for purposes of this definition, the term “control” (including the correlative meanings of the terms “