Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 329

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 329
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 a Tax Advisor in connection with the issuance by such Tax Advisor of a Tax Opinion in connection with the Transactions or the Specified U.S. Internal
Restructuring Transactions.

“” has the meaning set forth in the Separation Agreement.

4

“” means (i) with respect to any Combined Return or
Separate Return, the Party that is responsible for the preparation and filing of the Combined Return or Separate Return, as applicable, pursuant to and (ii) with respect to any Tax Contest, the Party that
controls such Tax Contest pursuant to .

“” has the meaning set forth in the Separation Agreement.

“” has the meaning set forth in the Separation Agreement.

“” has the meaning set forth in the Separation Agreement.

“” has the meaning set forth in the Separation Agreement.

“” has the meaning set forth in the Separation Agreement.

“” means the Tax Matters Agreement, dated May 17, 2021, by and among AT&T Inc., Magallanes, Inc.
(n/k/a [Delight] Global Holdings, Inc.) and [Delight], Inc. (n/k/a [Wonder Delight], Inc.), as amended, supplemented or modified.

“” means any action that is not in the ordinary course of business (other than an action required
by the Merger Agreement, the Separation Agreement or any Ancillary Agreement or that is undertaken pursuant to the Transactions).

“” has the meaning ascribed to such term for purposes of Sections 355(d) and (e) of
the Code.

“” has the meaning set forth in of this Agreement.

“” means the final resolution of liability for any Tax, which resolution may be for a specific
issue or adjustment or for any Tax Period, (i) by IRS Form 870 or 870-AD (or any successor forms thereto), on the date of acceptance by or on behalf of the taxpayer, or by a comparable form under the laws
of a state, local, or foreign taxing jurisdiction, except that a Form 870 or 870-AD or comparable form shall not constitute a Final Determination to the extent that it reserves (whether by its terms or by
operation of law) the right of the taxpayer to file a claim for refund or the right of the Tax Authority to assert a further deficiency in respect of such issue or adjustment or for such Tax Period (as the case may be); (ii) by a decision, judgment,
decree, or other order by a court of