Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 262

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 262
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 and Distribution Agreement to be executed by their duly authorized representatives as of the date first written above.

| [NEW WONDER] |
| By:          |
| Name:        |
| Title:       |

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

[ Signature Page to Separation and Distribution Agreement]

Exhibit A

Employee Matters Agreement

EMPLOYEE MATTERS AGREEMENT

between

[New Wonder]

on behalf of itself

and the
members

of the Company Group,

and

[Delight] Global Media, Inc.,

on behalf of itself

and the members

of the SpinCo
Group

Dated as of [•]

TABLE OF CONTENTS

|                                          |     |                                                                |     | Page |    |
| ARTICLE I DEFINITIONS                    |     |                                                                |     |      |  1 |
| ARTICLE II EMPLOYEE TRANSFERS            |     |                                                                |     |      | 10 |
| Section 2.1                              |     | Pre-Separation Transfers                                       |     |      | 10 |
| Section 2.2                              |     | Continuity of Employment                                       |     |      | 10 |
| Section 2.3                              |     | Labor Matters                                                  |     |      | 10 |
| Section 2.4                              |     | Use of PEOs                                                    |     |      | 10 |
| Section 2.5                              |     | Seconded Employees                                             |     |      | 11 |
| Section 2.6                              |     | No Transfer of Employees on Termination of Transition Services |     |      | 11 |
| ARTICLE III GENERAL PRINCIPLES           |     |                                                                |     |      | 12 |
| Section 3.1                              |     | Assumption and Retention of Liabilities                        |     |      | 12 |
| Section 3.2                              |     | Participation in Benefit Plans                                 |     |      | 12 |
| Section 3.3                              |     | Service Recognition                                            |     |      | 12 |
| Section 3.4                              |     | No Change of Control                                           |     |      | 13 |
| Section 3.5                              |     | Mutual Non-Solicitation                                        |     |      | 13 |
| Section 3.6                              |     | Preservation of Right to Terminate Plans                       |     |      |