Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 314

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 314
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 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 Restructuring 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