Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 161

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 161
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, additions to tax or additional amounts in respect of the foregoing.

“” means the Law of any Governmental Entity or political subdivision thereof relating to any Tax.

“” has the meaning given to such term in the Separation and Distribution Agreement.

“” means any report of Taxes due, any claim for refund of Taxes paid, any information return with respect to
Taxes, any documentation with respect to transfer pricing or any other similar report, statement, declaration, or document filed or required to be filed under the Code or other Tax Law with respect to Taxes, including any attachments, exhibits, or
other materials submitted with any of the foregoing, and including any amendments or supplements to any of the foregoing.

“” has the meaning set forth in the definition of “.”

“” has the meaning set forth in the definition of “.”

“” means a day on which shares of Buyer Common Stock are traded on NASDAQ.

Annex A-16

“” means this Agreement, the Separation and
Distribution Agreement, the Tax Matters Agreement, the Employee Matters Agreement, the Intellectual Property Matters Agreement, Transition Services Agreement, the Data Processing Agreement, including all annexes, Exhibits, Schedules, attachments and
appendices thereto.

“” means the transactions contemplated by this Agreement and the other Transaction
Documents.

“” has the meaning given to such term in the Separation and Distribution
Agreement.

“” means an intentional and willful material breach, or an intentional and willful material
failure to perform, in each case that is the consequence of an act or omission by a Party with the knowledge that the taking of such act or failure to take such act would cause a breach of this Agreement.

Annex A-17

Exhibit A

Form of Separation and Distribution Agreement

Agreed Form

SEPARATION AND DISTRIBUTION AGREEMENT

BY AND BETWEEN

[NEW WONDER]

AND

[DELIGHT] GLOBAL MEDIA, INC.

DATED AS OF [•]

TABLE OF CONTENTS

|                                             |     |                                                                         |     | Page |    |
| ARTICLE I DEFINITIONS                       |     |                                                                         |     |      |  5 |
| ARTICLE II THE SEPARATION                   |     |                                                                         |     |      | 23 |
| 2.1                                         |     | Transfer of Assets and Assumption of Liabilities                        |     |      | 23 |
| 2.2                                         |     | SpinCo Assets; Company Assets                                           |     |      | 25 |
|