Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 312

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 312
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 granted to either Party under or pursuant to
this Agreement are, for all purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses of rights to “intellectual property” as defined in the U.S. Bankruptcy Code, and, in the event that a case under the U.S. Bankruptcy Code
is commenced by or against a Party granting any right or license hereunder, each applicable licensed Party will have all of the rights set forth in Section 365(n) of the U.S. Bankruptcy Code to the maximum extent permitted thereby.

ARTICLE VII

MISCELLANEOUS PROVISIONS

Section 7.01 . No Party may assign any of its rights or delegate any of its obligations under this
Agreement, in whole or in part, by operation of Law or otherwise, without the prior written consent of the other Party; , , that either Party may assign this Agreement without the consent of the other Party: (i) in
whole but not in part in connection with the sale of all or substantially all of such Party (whether by stock sale, merger, asset sale or otherwise); and (ii) in part in connection with the sale or other transfer or divestiture of all or
substantially all of any division or business of such Party (whether by stock sale, merger, asset sale or otherwise). Any attempted or purported assignment or delegation in violation of this shall be null and
void ab initio.

Section 7.02 . Any Party (or its Affiliate) may freely
assign or transfer any Intellectual Property owned by such Party (or its Affiliate) that is licensed to the other Party hereunder, provided that such Intellectual Property shall remain subject to the license grants and other terms of this Agreement
following such assignment or transfer.

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Section 7.03 . Except for Section 10.3 (Assignability),
Article X (Miscellaneous) of the Separation and Distribution Agreement is incorporated by reference into this Agreement and shall apply, mutatis mutandis, as if fully set forth herein.

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed on the Effective Date.

| [NEW WONDER]                 |     |        |
| By:                          |     |        |
|                              |     | Name:  |
|                              |     | Title: |
| [DELIGHT] GLOBAL MEDIA, INC. |     |        |
| By