Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 150

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 150
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 is by and between [New Wonder] 1, a Delaware corporation (the “ Company”) and [Delight] Global Media, Inc., a Delaware corporation (“ SpinCo”). Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to them in Article I. R E C I T A L S WHEREAS, SpinCo is a wholly owned Subsidiary of the Company; WHEREAS, the board of directors of the Company (the “ Company Board”) has determined that it is in the best interests of the Company and its stockholders to create a new publicly traded company that will operate the SpinCo Business; WHEREAS, in furtherance of the foregoing, the Company Board has determined that it is appropriate and desirable to separate the SpinCo Business from the Company Business (including the Internal Restructuring, as defined below, the “ Separation”); WHEREAS, in order to effect the Separation, the Company has caused or will cause to be effected certain internal restructuring transactions for purposes of aggregating the SpinCo Business within the Company Group (the “ Internal Restructuring”), in accordance with the plan set forth on Schedule 2.1(a), as may be amended, supplemented or modified pursuant to Section 2.17(the “ Restructuring Plan”), and, in connection therewith, the Company will (i) contribute to SpinCo all of the membership interests of [Wonder Delight], LLC, a Delaware limited liability company and wholly owned direct Subsidiary of the Company, and (ii) cause certain other SpinCo Assets to be contributed to SpinCo in exchange for SpinCo Shares and New SpinCo Debt Securities (collectively, the “ Contribution”); WHEREAS, in connection with the Contribution, the Company intends to cause one or more exchanges of New SpinCo Debt Securities for debt of [[Delight] Global Holdings, LLC (“ DGH”)], or a wholly owned Subsidiary thereof to be effected (collectively, the “ Debt-for-DebtExchange”); WHEREAS, following the Contribution, on the terms and subject to the conditions set forth herein, the Company will make a distribution, on a pro rata basis, to holders of the Company Shares on the Record Date of all of the SpinCo Shares that it receives in connection with the Contribution, representing all of the outstanding SpinCo Shares (the “ Distribution”); WHEREAS, at the time of the Distribution, the Company will use its commercially reasonable efforts to cause the SpinCo Group to have Net Debt