Material Agreement (Form 8-K)

JV Agreement Amendment

On February 4, 2026, WMG BC Holdco LLC ("WMGCo"), a wholly-owned indirect subsidiary of the Company, entered into an amendment (the "Amendment") to the Master Operations and Economics Agreement, dated as of June 29, 2025 (the "Master Operations and Economics Agreement"), by and among WMGCo, BCSS W JV Investments (B), L.P. ("BainCo"), a wholly-owned indirect subsidiary of Bain Capital Special Situations, LP, and certain affiliates of the foregoing parties. Pursuant to the Amendment, WMGCo and BainCo have committed to increase their respective initial equity commitment amount by $100 million each.

The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which will be filed as an exhibit to the Company's Form 10-Qfor the quarter ended March 31, 2026.