Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 325

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 325
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     | 38 |
|                                                     |     | Section 14.07 |     | Notice                                                                                      |     | 38 |
|                                                     |     | Section 14.08 |     | Complete Agreement; Construction                                                            |     | 39 |
|                                                     |     | Section 14.09 |     | Third Party Beneficiaries                                                                   |     | 40 |
|                                                     |     | Section 14.10 |     | Termination                                                                                 |     | 40 |
|                                                     |     | Section 14.11 |     | Payment Terms                                                                               |     | 40 |
|                                                     |     | Section 14.12 |     | Subsidiaries                                                                                |     | 41 |
|                                                     |     | Section 14.13 |     | Severability                                                                                |     | 41 |
|                                                     |     | Section 14.14 |     | Successors and Assigns                                                                      |     | 42 |
|                                                     |     | Section 14.15 |     | Interpretation and Construction                                                             |     | 42 |
|                                                     |     | Section 14.16 |     | No Duplication; No Double Recovery                                                          |     | 42 |

ii

TAX MATTERS AGREEMENT

This TAX MATTERS AGREEMENT, dated as of [•] (this “”), is by and between [New Wonder], a Delaware corporation
(the “”), and [Delight] Global Media, Inc., a Delaware corporation (“”). The Company and SpinCo are sometimes collectively referred to herein as the “” and, as the context
requires, individually referred to herein as a “”.

RECITALS

WHEREAS, SpinCo is a wholly owned Subsidiary of the Company;

WHEREAS, 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 cause the Separation to be effected;

WHEREAS, contemporaneously with the execution of this Agreement, the
Company and SpinCo are entering into the Separation and Distribution Agreement, dated as of the date hereof (the “”), pursuant to which the Company will separate the SpinCo Business from the Company Business in
accordance with the Separation;

WHEREAS, in order to effect the Separation, (a) the Company has caused or will cause to be effected
the Internal Restruct