Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 324

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 324
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 or other transfer or divestiture of all or
substantially all of any division or business of such Party (whether by stock sale, merger, asset sale or otherwise). Any attempted or purported assignment or delegation in violation of this shall be null and
void ab initio.

Section 7.02 . Any Party (or its Affiliate) may freely
assign or transfer any Intellectual Property owned by such Party (or its Affiliate) that is licensed to the other Party hereunder, provided that such Intellectual Property shall remain subject to the license grants and other terms of this Agreement
following such assignment or transfer.

12

Section 7.03 . Except for Section 10.3 (Assignability),
Article X (Miscellaneous) of the Separation and Distribution Agreement is incorporated by reference into this Agreement and shall apply, mutatis mutandis, as if fully set forth herein.

[The remainder of this page has been intentionally left blank.]

13

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed on the Effective Date.

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

Signature Page to Intellectual Property Matters Agreement 14

Schedule A-1

(Licensed Company Patents)

See Attachment A-1.

15

Schedule A-2

(Licensed SpinCo Patents)

See Attachment A-2.

16

Schedule B

(Shared Software)

Schedule 2.01(d)(iii)

(Legal Identity Transition)

Exhibit C

SpinCo Bylaws

Exhibit D

SpinCo Certificate of Incorporation

Exhibit E

Tax Matters Agreement

TAX 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 |    |
| Section 1.  Definition of Terms                   |     |              |     |                                                          |     |      |  2 |
| Section 2.