Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 154

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 154
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 becomes known to the Company Board prior to the Company Stockholder Approval, (2) does not relate to any inquiry, offer or proposal that constitutes or would reasonably be expected to lead to an Acquisition Proposal, or the
consequences thereof, and (3) does not relate to the fact, in and of itself, that the Company meets or exceeds any internal or published or third party projections, forecasts, estimates or predictions in respect of revenues, earnings or other
financial metrics or any budgets, plans, projections or forecasts of its revenues, earnings or other financial performance or results of operations for any period, or any changes after the date of this Agreement in the price or trading volume of the
Buyer Common Stock or the Company Stock (it being understood that the event or circumstance underlying any of the foregoing in this clause (3) may be taken into consideration, unless otherwise excluded by the exceptions to this definition).

“” means the United States Internal Revenue Service.

“” means (i) the Intellectual Property set forth in of the Company Disclosure Letter
and (ii) any Content IP of Content that has not been published or distributed commercially as of the date of this Agreement.

“” means the material Contracts pursuant to which any COT
Property is licensed by any Retained Entity, Spinco Entity or any of their predecessors to a third party, copies of which have been provided to the Buyer in the virtual data room for review.

“” means the information set forth in of
the Company Disclosure Letter.

“” when used in this Agreement (i) with respect to the Company, means the
actual knowledge of the Persons listed in of the Company Disclosure Letter and (ii) with respect to Buyer, means the actual knowledge of the Persons listed in of the
Buyer Disclosure Letter.

“” means any labor union, works council or similar employee or labor organization,
including any Guild.

Annex A-12

“” means any federal, state, local, foreign, international or
transnational law, statute, ordinance, common law, rule, regulation, standard, judgment, determination, order, writ, injunction, decree, arbitration award, treaty, agency requirement, authorization, license or permit of any Governmental Entity.

“” permits, licenses, certifications, approvals, registrations, consents, authorizations, franchises, variances,
exemptions and orders issued or granted by a Governmental Entity.

“” means a lien, charge, pledge, security
interest, claim or other encumbrance.

“” means $