Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 149

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 149
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 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 |
| 2.3                                         |     | SpinCo Liabilities; Company Liabilities                                 |     |      | 28 |
| 2.4                                         |     | Approvals and Notifications                                             |     |      | 30 |
| 2.5                                         |     | Novation of Liabilities                                                 |     |      | 34 |
| 2.6                                         |     | Release of Guarantees                                                   |     |      | 35 |
| 2.7                                         |     | Termination of Agreements                                               |     |      | 37 |
| 2.8                                         |     | Treatment of Shared Contracts                                           |     |      | 38 |
| 2.9                                         |     | Bank Accounts; Cash Balances                                            |     |      | 39 |
| 2.10                                        |     | Ancillary Agreements                                                    |     |      | 40 |
| 2.11                                        |     | Disclaimer of Representations and Warranties                            |     |      | 40 |
| 2.12                                        |     | Financial Information Certifications                                    |     |      | 40 |
| 2.13                                        |     | Company Financing Arrangements                                          |     |      | 41 |
| 2.14                                        |     | SpinCo Financing Arrang