Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 327

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 327
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 as reported on the Tax Return or, if applicable, as previously adjusted, (ii) any claim for equitable
recoupment or other offset and (iii) any claim for refund or credit of Taxes previously paid.

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

“” means, in the
context of determining the amount of a payment to be made on such basis, the payment of an amount which, after subtraction of the net increase, if any, in Tax liability incurred by the indemnified Person to whom the payment is made as a result of
the receipt or accrual of such payment (taking into account any Tax Benefits realized by such indemnified Person as a result of the event or circumstances giving rise to such payment), shall equal the amount that would have been payable if no net
increase in such Tax liability had been incurred.

2

“” means this Tax Matters Agreement.

“” has the meaning set forth in the Separation Agreement; , that for purposes of this
Agreement, this Agreement shall not constitute an Ancillary Agreement.

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

“” means AT&T Inc.

“” means Subchapter C of Chapter 63 of the Code (Sections 6221 et seq.) and any Treasury Regulations and other
guidance promulgated thereunder, and any similar state or local legislation, regulations or guidance.

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

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

“” means all classes or series of capital stock of a corporation, including (i) common stock,
(ii) all options, warrants and other rights to acquire such capital stock and (iii) all instruments properly treated as stock in such corporation for U.S. federal income tax purposes.

“” means the Court of Chancery of the State of Delaware, or, if (and only if) such court finds it lacks
subject matter jurisdiction, the federal court of the United States of America sitting in Delaware, and appellate courts thereof.

“” means the U.S. Internal Revenue Code of 1986, as amended.

“” means any Tax Return that includes one or more members of the Company Group and one or more members of
the SpinCo Group.

“” has the meaning set forth in the preamble to this Agreement.

“” means the active conduct (as defined in Section 355(b)(2) of the Code and the
Treasury Regulations thereunder) of the Company