Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 315

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 315
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 of the Company Group; and

WHEREAS, the Company and SpinCo desire to set forth their agreement on the rights and
obligations of the Company and the members of the Company Group, on the one hand, and SpinCo and the members of the SpinCo Group, on the other hand, with respect to (a) the administration and allocation of federal, state, local, and foreign
Taxes, (b) Taxes resulting from the Distribution and transactions effected in connection with the Distribution and (c) various other Tax matters.

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements, provisions and covenants contained in this Agreement, the Parties
hereby agree as follows:

Section 1. . For purposes of this Agreement (including the recitals hereof), the
following terms have the following meanings, and capitalized terms used but not otherwise defined herein shall have the meaning ascribed to them in the Separation Agreement:

“” means any formal or informal claim or request filed with any Tax Authority, or with any administrative
agency or court, for the adjustment, refund, or credit of Taxes, including (i) any amended Tax Return claiming adjustment to the Taxes as reported on the Tax Return or, if applicable, as previously adjusted, (ii) any claim for equitable
recoupment or other offset and (iii) any claim for refund or credit of Taxes previously paid.

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

“” means, in the
context of determining the amount of a payment to be made on such basis, the payment of an amount which, after subtraction of the net increase, if any, in Tax liability incurred by the indemnified Person to whom the payment is made as a result of
the receipt or accrual of such payment (taking into account any Tax Benefits realized by such indemnified Person as a result of the event or circumstances giving rise to such payment), shall equal the amount that would have been payable if no net
increase in such Tax liability had been incurred.

2

“” means this Tax Matters Agreement.

“” has the meaning set forth in the Separation Agreement; , that for purposes of this
Agreement, this Agreement shall not constitute an Ancillary Agreement.

“” has the meaning set forth in
of this Agreement.

“” means AT&T Inc.

“” means Subchapter C of Chapter 63 of the Code (Sections 6221 et seq.) and any Treasury Regulations and other
guidance promulg