Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 162

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 162
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 10.11 |     | Headings                 |     | 82 |
| 10.12 |     | Survival of Covenants    |     | 82 |
| 10.13 |     | Waivers of Default       |     | 82 |
| 10.14 |     | Specific Performance     |     | 82 |
| 10.15 |     | Amendments               |     | 82 |
| 10.16 |     | Interpretation           |     | 83 |
| 10.17 |     | Limitations of Liability |     | 84 |
| 10.18 |     | Performance              |     | 84 |
| 10.19 |     | Mutual Drafting          |     | 84 |

| EXHIBITS  |     |                                         |
| Exhibit A |     | Employee Matters Agreement              |
| Exhibit B |     | Intellectual Property Matters Agreement |
| Exhibit C |     | SpinCo Bylaws                           |
| Exhibit D |     | SpinCo Certificate of Incorporation     |
| Exhibit E |     | Tax Matters Agreement                   |
| Exhibit F |     | Transition Services Agreement           |

iii

SEPARATION AND DISTRIBUTION AGREEMENT This SEPARATION AND DISTRIBUTION AGREEMENT, dated as of [•] (this “ Agreement”), is by and between [New Wonder] 1, a Delaware corporation (the “ Company”) and [Delight] Global Media, Inc., a Delaware corporation (“ SpinCo”). Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to them in Article I. R E C I T A L S WHEREAS, SpinCo is a wholly owned Subsidiary of the Company; WHEREAS, the board of directors of the Company (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 separate the SpinCo Business from the Company Business (including the Internal Restructuring, as defined below, the “ Separation”); WHEREAS, in order to effect the Separation, the Company has caused or will cause to be effected certain internal restructuring transactions for purposes of aggregating the SpinCo Business within the Company Group (the “ Internal Restructuring”), in accordance with the plan set forth on Schedule 2.1(a), as may be amended