Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 317

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 317
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 355(e) of the Code), other than solely as a result of the consummation of the Merger.

“” means any Tax Return (other than a Combined Return) of or including a member of the Company Group
that does not include any member of the SpinCo Group.

“” has the meaning set forth in the Separation
Agreement.

“” means (i) any breach or non-performance
by the Company of any of its covenants set forth in or any breach by the Company of any of its representations set forth in , (ii) a Company Section 355(e) Event or
(iii) the failure of the Company SAG to continue and cause to be continued the Company Active Trade or Business, that, for the avoidance of doubt, any actions required to be taken by the Company or any member of the
Company Group under the Separation Agreement, the Merger Agreement or any Ancillary Agreement shall not be treated as a Company Tainting Act.

“” means the representation letters of officers of the Company (or a member of the
Company Group) delivered by, or on behalf of, the Company (or a member of the Company Group) to a Tax Advisor in connection with the issuance by such Tax Advisor of a Tax Opinion in connection with the Transactions or the Specified U.S. Internal
Restructuring Transactions.

“” has the meaning set forth in the Separation Agreement.

4

“” means (i) with respect to any Combined Return or
Separate Return, the Party that is responsible for the preparation and filing of the Combined Return or Separate Return, as applicable, pursuant to and (ii) with respect to any Tax Contest, the Party that
controls such Tax Contest pursuant to .

“” has the meaning set forth in the Separation Agreement.

“” has the meaning set forth in the Separation Agreement.

“” has the meaning set forth in the Separation Agreement.

“” has the meaning set forth in the Separation Agreement.

“” has the meaning set forth in the Separation Agreement.

“” means the Tax Matters Agreement, dated May 17, 2021, by and among AT&T Inc., Magallanes, Inc.
(n/k/a [Delight] Global Holdings, Inc.) and [Delight], Inc. (n/k/a [Wonder Delight], Inc.), as amended, supplemented or modified.

“” means any action that is not in the ordinary course of business (other than an action required
by the Mer