WBD provides FAQ on debt tender offers; clarifies bridge allocation, anti-boycott language, and CODI tax impact

Warner Bros. Discovery, Inc.

Bridge proceeds not used in tenders; upsize option up to $2.5bn upon mutual agreement with J.P. Morgan.
Proceeds from retained S&S stake sale will repay GN debt to preserve tax-free treatment; expects sale within 3-5 years.
Anti-boycott language only prohibits holder agreements not to buy new debt for cash; customary cooperation allowed.
CODI tax on discount realized: estimated $800m cash tax at 100% participation.
Post-spin securitization to split into two facilities; overall pool size ~$4.7bn unchanged.

item 7.01item 9.01

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