Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 249

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 249
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 and obligations set forth in this Agreement or in any Ancillary Agreement to be performed by any member of the Company Group. SpinCo shall cause to be performed, and
hereby guarantees the performance of, all actions, agreements and obligations set forth in this Agreement or in any Ancillary Agreement to be performed by any member of the SpinCo Group. Each Party (including its permitted successors and assigns)
further agrees that it shall (a) give timely notice of the terms, conditions and continuing obligations contained in this Agreement and any applicable Ancillary Agreement to all of the other members of its Group and (b) cause all of the
other members of its Group not to take any action or fail to take any such action inconsistent with such Party’s obligations under this Agreement, any Ancillary Agreement or the transactions contemplated hereby or thereby.

10.19 . This Agreement and the Ancillary Agreements shall be deemed to be the joint work product of the Parties and any
rule of construction that a document shall be interpreted or construed against a drafter of such document shall not be applicable.

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84

IN WITNESS WHEREOF, the Parties have caused this Separation and Distribution Agreement to be executed by their duly authorized representatives as of the date first written above.

| [NEW WONDER] |
| By:          |
| Name:        |
| Title:       |

| [DELIGHT] GLOBAL MEDIA, INC. |
| By:                          |
| Name:                        |
| Title:                       |

[ Signature Page to Separation and Distribution Agreement]

Exhibit A

Employee Matters Agreement

EMPLOYEE MATTERS AGREEMENT

between

[New Wonder]

on behalf of itself

and the
members

of the Company Group,

and

[Delight] Global Media, Inc.,

on behalf of itself

and the members

of the SpinCo
Group

Dated as of [•]

TABLE OF CONTENTS

|                                          |     |                                                                |     | Page |    |
| ARTICLE I DEFINITIONS                    |     |                                                                |     |      |  1 |
| ARTICLE II EMPLOYEE TRANSFERS            |     |                                                                |     |      | 10 |
| Section 2.1                              |     | Pre-Separation Transfers                                       |     |      | 10 |
| Section 2.2                              |     | Continuity of Employment                                       |     |      | 10 |
| Section 2.3                              |     | Labor Matters                                                  |