Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 326

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 326
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uring in accordance with the Restructuring Plan and (b) the Company will effect the Contribution;

WHEREAS, in
connection with the Contribution, the Company intends to cause DGH to effect the Debt-for-Debt Exchange through one or more exchanges of New SpinCo Debt Securities for
DGH Debt;

WHEREAS, following the Contribution, on the terms and subject to the conditions set forth in the Separation Agreement, the
Company will make the Distribution;

WHEREAS, Buyer, Merger Sub and the Company have entered into the Merger Agreement pursuant to which,
following the Distribution, on the terms and subject to the conditions set forth therein, the Merger will be effected;

WHEREAS, SpinCo has been incorporated solely for these purposes and has not engaged in
activities except in preparation for the Separation, the Contribution, the Distribution and the Merger;

WHEREAS, for U.S. federal income
tax purposes, it is intended that the Transactions will qualify for the Intended U.S. Tax Treatment;

WHEREAS, pursuant to the Tax Laws of
various jurisdictions, certain members of the SpinCo Group presently file certain Tax Returns on an affiliated, consolidated, combined, unitary, fiscal unity or other similar group basis (including as permitted by Section 1501 of the Code) with
certain members 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