{"success":true,"data":{"pressRelease":{"id":"131261","rtpr_id":"nPnb9t1Ypa","ticker":"PSKY","exchange":"NASDAQ","all_tickers":["PSKY"],"title":"Paramount Skydance Corporation Announces Extension of Expiration Dates of Previously Announced Exchange Offers and Tender Offers","author":"PR Newswire","published_at":"2026-08-31T13:00:10.267Z","article_body":"Paramount Skydance Corporation Announces Extension of Expiration Dates of Previously Announced Exchange Offers and Tender Offers\n\nPR Newswire\n\nLOS ANGELES and NEW YORK, Aug. 31, 2026\n\nLOS ANGELES and NEW YORK, Aug. 31, 2026 /PRNewswire/ -- Paramount Skydance\nCorporation (NASDAQ: PSKY) (\"Paramount\") today announced the extension of the\nExpiration Dates in connection with the previously announced (i) offers to\npurchase (the \"Tender Offers\" and each, a \"Tender Offer\") for cash, upon the\nterms and subject to the conditions set forth in the related offer to purchase\n(the \"Offer to Purchase\"), any and all of the identified notes in each series\nof the Existing Tender Offer Notes (defined by reference to the table set\nforth below) issued by Discovery Global Holdings, Inc. (formerly WarnerMedia\nHoldings, Inc.) (the \"DGH Issuer\") and Discovery Communications, LLC (the \"DCL\nIssuer\" and together with the DGH Issuer, each a \"WBD Issuer\" and collectively\nthe \"WBD Issuers\"), as applicable, and (ii) offers to exchange (the \"Exchange\nOffers\" and each, an \"Exchange Offer\" and, together with the Tender Offers,\nthe \"Offers\" and each, an \"Offer\"), upon the terms and subject to the\nconditions set forth in the related exchange offer memorandum (the \"Offering\nMemorandum\"), any and all of the identified notes in each series of the\nExisting Exchange Offer Notes (defined by reference to the table set forth\nbelow) (together with the Existing Tender Offer Notes, the \"Offer Notes\")\nissued by the applicable WBD Issuer for notes to be newly issued by Paramount.\n\nThe Expiration Dates for the Tender Offers and Exchange Offers (as defined in\neach of the Offer to Purchase and Offering Memorandum, respectively) have been\nextended to 5:00 p.m., New York City time, on September 11, 2026, unless\nfurther extended. The Settlement Dates for the Tender Offers and Exchange\nOffers (as defined in each of the Offer to Purchase and Offering Memorandum,\nrespectively) will occur promptly after the Expiration Date and are currently\nanticipated to occur in the third quarter of 2026. Paramount anticipates\nextending the Expiration Date for such Tender Offers and Exchange Offers until\nsuch time that would result in the Settlement Dates occurring on or promptly\nfollowing the closing date of the proposed acquisition (the \"Acquisition\") by\nParamount of Warner Bros. Discovery, Inc. (\"WBD\"). Tenders of the Offer Notes\nin the Offers may be withdrawn at any time prior to the Expiration Date. The\naforementioned extensions further extend the Expiration Dates previously\nextended by Paramount on June 12, 2026, June 26, 2026, July 13, 2026, July 17,\n2026, July 24, 2026, July 31, 2026, August 7, 2026, August 17, 2026, and\nAugust 24, 2026.\n\nAs of 5:00 p.m., New York City time, on August 28, 2026, approximately 66.28%\nand 75.48% of the aggregate principal amount of the Existing Tender Offer\nNotes and Existing Exchange Offer Notes, respectively, have been validly\ntendered in the applicable Offers. As Paramount previously announced that it\nanticipates extending the Offers to align with the closing date of the\nAcquisition, Paramount does not view these figures to be representative of the\nfinal results of the applicable Offers.\n\nInformation about each series of Offer Notes eligible to participate in the\nOffers is summarized below.\n Type of Offer   Offer Notes to be Tendered or Exchanged, as Applicable  Issuer of Offer Notes  CUSIP No. / Common Code / ISIN Eligible to Participate in the Offers ((1))  Aggregate Principal Amount of Offer Notes Eligible to Participate in the\n                                                                                                                                                                            Offers ((2))\n Tender Offer    3.950% Senior Notes due 2028                            DCL Issuer             25470D CP2                                                                  $1,234,458,000\n\nUS25470DCP24\n Exchange Offer  4.125% Senior Notes due 2029                            DCL Issuer             25470D CQ0                                                                  $655,825,000\n\nUS25470DCQ07\n Exchange Offer  3.625% Senior Notes due 2030                            DCL Issuer             25470D CR8                                                                  $914,183,000\n\nUS25470DCR89\n Exchange Offer  5.000% Senior Notes due 2037                            DCL Issuer             25470D CS6                                                                  $453,281,000\n\nUS25470DCS62\n Exchange Offer  6.350% Senior Notes due 2040                            DCL Issuer             25470D CT4                                                                  $438,102,000\n\nUS25470DCT46\n Exchange Offer  4.950% Senior Notes due 2042                            DCL Issuer             25470D CU1                                                                  $130,366,000\n\nUS25470DCU19\n Exchange Offer  4.875% Senior Notes due 2043                            DCL Issuer             25470D V91 CV9US25470DC                                                     $141,584,000\n Exchange Offer  5.200% Senior Notes due 2047                            DCL Issuer             25470D W74 CW7US25470DC                                                     $3,161,000\n Exchange Offer  5.300% Senior Notes due 2049                            DCL Issuer             25470D X57 CX5US25470DC                                                     $247,860,000\n Tender Offer    3.755% Senior Notes due 2027                            DGH Issuer             254948 AH5                                                                  $1,189,336,000\n\nUS254948AH58\n\n254948 AN2\n\nUS254948AN27\n\nU25483 AA3\n\nUSU25483AA38\n Exchange Offer  4.054% Senior Notes due 2029                            DGH Issuer             254948 AJ1                                                                  $1,353,828,000\n\nUS254948AJ15\n\n254948 AP7\n\nUS254948AP74\n\nU25483 AB1\n\nUSU25483AB11\n Exchange Offer  4.279% Senior Notes due 2032                            DGH Issuer             254948 AK8                                                                  $2,691,764,000\n\nUS254948AK87\n\n254948 AQ5\n\nUS254948AQ57\n Exchange Offer  5.050% Senior Notes due 2042                            DGH Issuer             254948 AL6                                                                  $4,104,687,000\n\nUS254948AL60\n\n254948 AR3\n\nUS254948AR31\n\nU25483 AD7\n\nUSU25483AD76\n Exchange Offer  5.141% Senior Notes due 2052                            DGH Issuer             254948 AM4                                                                  $949,883,000\n\nUS254948AM44\n\n254948 AS1\n\nUS254948AS14\n Exchange Offer  4.302% Senior Notes due 2030                            DGH Issuer             XS3393993285                                                                €234,382,000\n\n339399328\n Exchange Offer  4.693% Senior Notes due 2033                            DGH Issuer             XS3393994507                                                                €316,641,000\n\n339399450\n\n__________\n\n 1. No representation is made as to the correctness or accuracy of the identifiers\nlisted in this press release or printed on the Offer Notes. Such identifiers\nare provided solely for the convenience of the holders.\n 2. Represents the aggregate principal amount of Offer Notes outstanding that are\neligible to participate in the Offers.\nThe Exchange Offers are being made pursuant to an exemption from the\nregistration requirements of the U.S. Securities Act of 1933, as amended (the\n\"Securities Act\"), and the rules and regulations of the Securities and\nExchange Commission (the \"SEC\") promulgated thereunder, and are also not being\nregistered under any state or foreign securities laws. Any securities offered\npursuant to the Exchange Offers may not be offered or sold in the United\nStates or to any U.S. persons (as defined below) except pursuant to an\nexemption from, or in a transaction not subject to, the registration\nrequirements of the Securities Act. The Exchange Offers will only be made, and\nthe securities offered pursuant to the Exchange Offers are only being offered\nand issued, to holders of applicable Existing Exchange Offer Notes who are (a)\nreasonably believed to be \"qualified institutional buyers\" as defined in Rule\n144A under the Securities Act or (b) not \"U.S. persons,\" as defined in Rule\n902 of Regulation S under the Securities Act (such holders, \"Eligible\nHolders\"), and only Eligible Holders who have completed and returned the\neligibility certification are authorized to receive or review the Offering\nMemorandum or to participate in the Exchange Offers. The eligibility\ncertification is available electronically at:\nhttps://gbsc-usa.com/eligibility/paramount\n(https://gbsc-usa.com/eligibility/paramount) .\n\nGeneral\n\nEach Offer is a separate offer, and each may be individually consummated,\namended, extended, terminated, or withdrawn, subject to certain conditions and\napplicable law, at any time in Paramount's sole discretion, and without also\nconsummating, amending, extending, terminating, or withdrawing any other Offer\nwith respect to any other series of Offer Notes. Paramount may terminate an\nOffer if any of the conditions of such Offer described in the Offer to\nPurchase or Offering Memorandum, as applicable, are not satisfied or waived by\nthe applicable Expiration Date, subject to applicable law. In addition,\nParamount may waive the conditions to an Offer without extending such Offer in\naccordance with applicable law.\n\nThe Offers are being made solely by Paramount and are not being made by WBD or\nthe WBD Issuers. None of Paramount, WBD, the WBD Issuers, the Dealer Managers,\nthe Exchange Agent (as defined below), the Information Agent (as defined\nbelow), the trustees under each of the indentures governing the Offer Notes,\nthe trustee or collateral agent under the indenture that will govern the notes\nto be issued in the Exchange Offers, or any affiliate of any of them makes any\nrecommendation as to whether any holder of Offer Notes should tender or\nrefrain from tendering all or any portion of the principal amount of such\nholder's Offer Notes for cash or notes to be issued in the Exchange Offers. No\none has been authorized by any of them to make such a recommendation. Holders\nmust make their own decision whether to tender Offer Notes in any Offer and,\nif so, the amount of Offer Notes to tender.\n\nOnly Eligible Holders may receive a copy of the Offering Memorandum and\nparticipate in the Exchange Offers. Paramount has engaged Global Bondholder\nServices Corporation to act as the exchange agent (in such capacity, the\n\"Exchange Agent\") and information agent (in such capacity, the \"Information\nAgent\") for the Offers. Questions concerning the Offers, or requests for\nadditional copies of the Offer to Purchase or Offering Memorandum or other\nrelated documents, may be directed to Corporate Actions by telephone at (855)\n654-2014 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or by email at\ncontact@gbsc-usa.com (mailto:contact@gbsc-usa.com) . Holders should also\nconsult their broker, dealer, commercial bank, trust company or other\ninstitution for assistance concerning the Offers. The Exchange Offer documents\nand the Tender Offer documents can be accessed at the following link:\nhttps://gbsc-usa.com/paramount (https://gbsc-usa.com/paramount) .\n\nParamount has engaged BofA Securities and Citigroup as dealer managers (in\nsuch capacity, the \"Dealer Managers\") for the Offers. Holders with questions\nregarding the Offers should contact BofA Securities, Inc. at +1 (888) 292-0070\n(toll-free) or +1 (980) 388-3646 (collect) or debt_advisory@bofa.com\n(mailto:debt_advisory@bofa.com) or Citigroup Global Markets Inc. at +1 (800)\n558-3745 (toll-free) or +1 (212) 723-6106 or ny.liabilitymanagement@citi.com.\nLatham & Watkins LLP is serving as legal counsel to Paramount and Cahill\nGordon & Reindel LLP is serving as legal counsel to the Dealer Managers.\n\nThis press release is for informational purposes only and does not constitute\nan offer to sell, or a solicitation of an offer to buy, any security, and does\nnot constitute an offer, solicitation, or sale of any security in any\njurisdiction in which such offer, solicitation, or sale would be unlawful.\n\nAbout Paramount, a Skydance Corporation\n\nParamount, a Skydance Corporation is a next-generation global media and\nentertainment company, comprised of three business segments: Studios,\nDirect-to-Consumer, and TV Media. PSKY's portfolio unites legendary brands,\nincluding Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports,\nNickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and\nSkydance Animation, Film, Television, Interactive/Games, and Paramount Sports\nEntertainment.\n\nPSKY-IR\n\nCautionary Note Concerning Forward-Looking Statements\n\nThis communication contains \"forward-looking statements\" regarding the\nAcquisition and the other transactions referred to herein. The reader is\ncautioned not to rely on these forward-looking statements. These statements\nare based on current expectations of future events. If underlying assumptions\nprove inaccurate or known or unknown risks or uncertainties materialize,\nactual results could vary materially from the expectations and projections of\nParamount. Risks and uncertainties include, but are not limited to: the risk\nthat the closing conditions for the Acquisition will not be satisfied,\nincluding the risk that clearances under applicable antitrust or regulatory\nlaws will not be obtained or will be obtained subject to conditions that are\nnot anticipated; the possibility that the transactions described herein will\nnot be completed in the expected timeframe or at all; the occurrence of any\nevent, change or other circumstances that could give rise to the termination\nof the Acquisition; potential adverse effects to the businesses of Paramount\nor WBD during the pendency of the Acquisition, such as employee departures or\ndistraction of management from business operations; negative effects of the\nannouncement or the consummation of the Acquisition on the market price of WBD\nor Paramount stock; the risk of stockholder litigation relating to the\nAcquisition, including resulting expense or delay; the potential that the\nexpected benefits and opportunities of the Acquisition, if completed, may not\nbe realized or may take longer to realize than expected; risks related to the\nstreaming business of the post-Acquisition combined business (the \"Combined\nCompany\"); the adverse impact on the Combined Company's advertising revenues\nas a result of changes in consumer behavior, advertising market conditions,\nand deficiencies in audience measurement; risks related to operating in highly\ncompetitive and dynamic industries; the unpredictable nature of consumer\nbehavior, as well as evolving technologies and distribution models; risks\nrelated to the Combined Company's decision to invest in new businesses,\nproducts, services, and technologies, and the evolution of the Combined\nCompany's business strategy; the potential for loss of carriage or other\nreduction in, or the impact of negotiations for, the distribution of the\nCombined Company's content; damage to the Combined Company's reputation or\nbrands; losses due to asset impairment charges for goodwill, content and\nlong-lived assets, including finite-lived intangible assets; liabilities\nrelated to discontinued operations and former businesses; increasing scrutiny\nof, and evolving expectations for, sustainability initiatives; evolving\nbusiness continuity, cybersecurity, privacy and data protection and similar\nrisks; challenges in protecting and maintaining the Combined Company's\nintellectual property rights; domestic and global political, economic and\nregulatory factors affecting the Combined Company's business generally or the\nAcquisition; the inability to hire or retain key employees or secure creative\ntalent; disruptions to the Combined Company's operations as a result of labor\ndisputes; risks and costs associated with the integration of, and Paramount's\nability to integrate, the businesses of Paramount Global, Skydance Media, LLC,\nand WBD successfully and to achieve anticipated synergies, including in the\namounts or on the timelines anticipated to realize such synergies; litigation\nrelated to the Acquisition and other matters or transactions; risks associated\nwith the Combined Company's holding company structure, including its\ndependence on distributions from its subsidiaries to meet tax obligations and\nother cash requirements; risks related to our indebtedness, including our\nsubstantial outstanding debt obligations, our ability to incur substantially\nmore debt and our ability to meet the financial and other covenants contained\nin the agreements governing the indebtedness of Paramount, WBD, or the\nCombined Company. A further list and description of these risks, uncertainties\nand other factors and the general risks associated with the respective\nbusinesses of Paramount and WBD can be found in Paramount's Annual Report on\nForm 10-K for the fiscal year ended December 31, 2025, filed with the SEC on\nFebruary 25, 2026, including in the sections captioned \"Cautionary Note\nConcerning Forward-Looking Statements\" and \"Item 1A. Risk Factors,\"\nParamount's most recently filed Quarterly Report on Form 10-Q for the quarter\nended June 30, 2026, filed with the SEC on August 4, 2026, including in the\nsections captioned \"Cautionary Note Concerning Forward-Looking Statements\" and\n\"Item 1A. Risk Factors,\" and Paramount's subsequent filings with the SEC, and\nin WBD's Annual Report on Form 10-K for the fiscal year ended December 31,\n2025, filed with the SEC on February 27, 2026, including in the section\ncaptioned \"Item 1A. Risk Factors,\" WBD's Quarterly Report on Form 10-Q for the\nquarter ended June 30, 2026, filed with the SEC on August 6, 2026, and WBD's\nsubsequent filings with the SEC. Neither Paramount nor WBD undertakes to\nupdate any forward-looking statement as a result of new information or future\nevents or developments, except as required by law.\n\nView original\ncontent:https://www.prnewswire.com/news-releases/paramount-skydance-corporation-announces-extension-of-expiration-dates-of-previously-announced-exchange-offers-and-tender-offers-302864431.html\n(https://www.prnewswire.com/news-releases/paramount-skydance-corporation-announces-extension-of-expiration-dates-of-previously-announced-exchange-offers-and-tender-offers-302864431.html)\n\nSOURCE Paramount Skydance Corporation\n\n\n\nMedia Contacts: Melissa Zukerman / Laura Watson, msz@paramount.com / laura.watson@paramount.com. Brunswick Group: ParamountSkydance@brunswickgroup.com. Gagnier Communications: Dan Gagnier, dg@gagnierfc.com. Investor Contacts: Kevin Creighton / Logan Thomas, kevin.creighton@paramount.com / logan.thomas@paramount.com\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPnb9t1Ypa","title":"Paramount Skydance Corporation Announces Extension of Expiration Dates of Previously Announced Exchange Offers and Tender Offers","author":"PR Newswire","ticker":"PSKY","created":"2026-08-31T13:00:10.267Z","tickers":["PSKY"],"exchange":"NASDAQ","article_body":"Paramount Skydance Corporation Announces Extension of Expiration Dates of Previously Announced Exchange Offers and Tender Offers\n\nPR Newswire\n\nLOS ANGELES and NEW YORK, Aug. 31, 2026\n\nLOS ANGELES and NEW YORK, Aug. 31, 2026 /PRNewswire/ -- Paramount Skydance\nCorporation (NASDAQ: PSKY) (\"Paramount\") today announced the extension of the\nExpiration Dates in connection with the previously announced (i) offers to\npurchase (the \"Tender Offers\" and each, a \"Tender Offer\") for cash, upon the\nterms and subject to the conditions set forth in the related offer to purchase\n(the \"Offer to Purchase\"), any and all of the identified notes in each series\nof the Existing Tender Offer Notes (defined by reference to the table set\nforth below) issued by Discovery Global Holdings, Inc. (formerly WarnerMedia\nHoldings, Inc.) (the \"DGH Issuer\") and Discovery Communications, LLC (the \"DCL\nIssuer\" and together with the DGH Issuer, each a \"WBD Issuer\" and collectively\nthe \"WBD Issuers\"), as applicable, and (ii) offers to exchange (the \"Exchange\nOffers\" and each, an \"Exchange Offer\" and, together with the Tender Offers,\nthe \"Offers\" and each, an \"Offer\"), upon the terms and subject to the\nconditions set forth in the related exchange offer memorandum (the \"Offering\nMemorandum\"), any and all of the identified notes in each series of the\nExisting Exchange Offer Notes (defined by reference to the table set forth\nbelow) (together with the Existing Tender Offer Notes, the \"Offer Notes\")\nissued by the applicable WBD Issuer for notes to be newly issued by Paramount.\n\nThe Expiration Dates for the Tender Offers and Exchange Offers (as defined in\neach of the Offer to Purchase and Offering Memorandum, respectively) have been\nextended to 5:00 p.m., New York City time, on September 11, 2026, unless\nfurther extended. The Settlement Dates for the Tender Offers and Exchange\nOffers (as defined in each of the Offer to Purchase and Offering Memorandum,\nrespectively) will occur promptly after the Expiration Date and are currently\nanticipated to occur in the third quarter of 2026. Paramount anticipates\nextending the Expiration Date for such Tender Offers and Exchange Offers until\nsuch time that would result in the Settlement Dates occurring on or promptly\nfollowing the closing date of the proposed acquisition (the \"Acquisition\") by\nParamount of Warner Bros. Discovery, Inc. (\"WBD\"). Tenders of the Offer Notes\nin the Offers may be withdrawn at any time prior to the Expiration Date. The\naforementioned extensions further extend the Expiration Dates previously\nextended by Paramount on June 12, 2026, June 26, 2026, July 13, 2026, July 17,\n2026, July 24, 2026, July 31, 2026, August 7, 2026, August 17, 2026, and\nAugust 24, 2026.\n\nAs of 5:00 p.m., New York City time, on August 28, 2026, approximately 66.28%\nand 75.48% of the aggregate principal amount of the Existing Tender Offer\nNotes and Existing Exchange Offer Notes, respectively, have been validly\ntendered in the applicable Offers. As Paramount previously announced that it\nanticipates extending the Offers to align with the closing date of the\nAcquisition, Paramount does not view these figures to be representative of the\nfinal results of the applicable Offers.\n\nInformation about each series of Offer Notes eligible to participate in the\nOffers is summarized below.\n Type of Offer   Offer Notes to be Tendered or Exchanged, as Applicable  Issuer of Offer Notes  CUSIP No. / Common Code / ISIN Eligible to Participate in the Offers ((1))  Aggregate Principal Amount of Offer Notes Eligible to Participate in the\n                                                                                                                                                                            Offers ((2))\n Tender Offer    3.950% Senior Notes due 2028                            DCL Issuer             25470D CP2                                                                  $1,234,458,000\n\nUS25470DCP24\n Exchange Offer  4.125% Senior Notes due 2029                            DCL Issuer             25470D CQ0                                                                  $655,825,000\n\nUS25470DCQ07\n Exchange Offer  3.625% Senior Notes due 2030                            DCL Issuer             25470D CR8                                                                  $914,183,000\n\nUS25470DCR89\n Exchange Offer  5.000% Senior Notes due 2037                            DCL Issuer             25470D CS6                                                                  $453,281,000\n\nUS25470DCS62\n Exchange Offer  6.350% Senior Notes due 2040                            DCL Issuer             25470D CT4                                                                  $438,102,000\n\nUS25470DCT46\n Exchange Offer  4.950% Senior Notes due 2042                            DCL Issuer             25470D CU1                                                                  $130,366,000\n\nUS25470DCU19\n Exchange Offer  4.875% Senior Notes due 2043                            DCL Issuer             25470D V91 CV9US25470DC                                                     $141,584,000\n Exchange Offer  5.200% Senior Notes due 2047                            DCL Issuer             25470D W74 CW7US25470DC                                                     $3,161,000\n Exchange Offer  5.300% Senior Notes due 2049                            DCL Issuer             25470D X57 CX5US25470DC                                                     $247,860,000\n Tender Offer    3.755% Senior Notes due 2027                            DGH Issuer             254948 AH5                                                                  $1,189,336,000\n\nUS254948AH58\n\n254948 AN2\n\nUS254948AN27\n\nU25483 AA3\n\nUSU25483AA38\n Exchange Offer  4.054% Senior Notes due 2029                            DGH Issuer             254948 AJ1                                                                  $1,353,828,000\n\nUS254948AJ15\n\n254948 AP7\n\nUS254948AP74\n\nU25483 AB1\n\nUSU25483AB11\n Exchange Offer  4.279% Senior Notes due 2032                            DGH Issuer             254948 AK8                                                                  $2,691,764,000\n\nUS254948AK87\n\n254948 AQ5\n\nUS254948AQ57\n Exchange Offer  5.050% Senior Notes due 2042                            DGH Issuer             254948 AL6                                                                  $4,104,687,000\n\nUS254948AL60\n\n254948 AR3\n\nUS254948AR31\n\nU25483 AD7\n\nUSU25483AD76\n Exchange Offer  5.141% Senior Notes due 2052                            DGH Issuer             254948 AM4                                                                  $949,883,000\n\nUS254948AM44\n\n254948 AS1\n\nUS254948AS14\n Exchange Offer  4.302% Senior Notes due 2030                            DGH Issuer             XS3393993285                                                                €234,382,000\n\n339399328\n Exchange Offer  4.693% Senior Notes due 2033                            DGH Issuer             XS3393994507                                                                €316,641,000\n\n339399450\n\n__________\n\n 1. No representation is made as to the correctness or accuracy of the identifiers\nlisted in this press release or printed on the Offer Notes. Such identifiers\nare provided solely for the convenience of the holders.\n 2. Represents the aggregate principal amount of Offer Notes outstanding that are\neligible to participate in the Offers.\nThe Exchange Offers are being made pursuant to an exemption from the\nregistration requirements of the U.S. Securities Act of 1933, as amended (the\n\"Securities Act\"), and the rules and regulations of the Securities and\nExchange Commission (the \"SEC\") promulgated thereunder, and are also not being\nregistered under any state or foreign securities laws. Any securities offered\npursuant to the Exchange Offers may not be offered or sold in the United\nStates or to any U.S. persons (as defined below) except pursuant to an\nexemption from, or in a transaction not subject to, the registration\nrequirements of the Securities Act. The Exchange Offers will only be made, and\nthe securities offered pursuant to the Exchange Offers are only being offered\nand issued, to holders of applicable Existing Exchange Offer Notes who are (a)\nreasonably believed to be \"qualified institutional buyers\" as defined in Rule\n144A under the Securities Act or (b) not \"U.S. persons,\" as defined in Rule\n902 of Regulation S under the Securities Act (such holders, \"Eligible\nHolders\"), and only Eligible Holders who have completed and returned the\neligibility certification are authorized to receive or review the Offering\nMemorandum or to participate in the Exchange Offers. The eligibility\ncertification is available electronically at:\nhttps://gbsc-usa.com/eligibility/paramount\n(https://gbsc-usa.com/eligibility/paramount) .\n\nGeneral\n\nEach Offer is a separate offer, and each may be individually consummated,\namended, extended, terminated, or withdrawn, subject to certain conditions and\napplicable law, at any time in Paramount's sole discretion, and without also\nconsummating, amending, extending, terminating, or withdrawing any other Offer\nwith respect to any other series of Offer Notes. Paramount may terminate an\nOffer if any of the conditions of such Offer described in the Offer to\nPurchase or Offering Memorandum, as applicable, are not satisfied or waived by\nthe applicable Expiration Date, subject to applicable law. In addition,\nParamount may waive the conditions to an Offer without extending such Offer in\naccordance with applicable law.\n\nThe Offers are being made solely by Paramount and are not being made by WBD or\nthe WBD Issuers. None of Paramount, WBD, the WBD Issuers, the Dealer Managers,\nthe Exchange Agent (as defined below), the Information Agent (as defined\nbelow), the trustees under each of the indentures governing the Offer Notes,\nthe trustee or collateral agent under the indenture that will govern the notes\nto be issued in the Exchange Offers, or any affiliate of any of them makes any\nrecommendation as to whether any holder of Offer Notes should tender or\nrefrain from tendering all or any portion of the principal amount of such\nholder's Offer Notes for cash or notes to be issued in the Exchange Offers. No\none has been authorized by any of them to make such a recommendation. Holders\nmust make their own decision whether to tender Offer Notes in any Offer and,\nif so, the amount of Offer Notes to tender.\n\nOnly Eligible Holders may receive a copy of the Offering Memorandum and\nparticipate in the Exchange Offers. Paramount has engaged Global Bondholder\nServices Corporation to act as the exchange agent (in such capacity, the\n\"Exchange Agent\") and information agent (in such capacity, the \"Information\nAgent\") for the Offers. Questions concerning the Offers, or requests for\nadditional copies of the Offer to Purchase or Offering Memorandum or other\nrelated documents, may be directed to Corporate Actions by telephone at (855)\n654-2014 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or by email at\ncontact@gbsc-usa.com (mailto:contact@gbsc-usa.com) . Holders should also\nconsult their broker, dealer, commercial bank, trust company or other\ninstitution for assistance concerning the Offers. The Exchange Offer documents\nand the Tender Offer documents can be accessed at the following link:\nhttps://gbsc-usa.com/paramount (https://gbsc-usa.com/paramount) .\n\nParamount has engaged BofA Securities and Citigroup as dealer managers (in\nsuch capacity, the \"Dealer Managers\") for the Offers. Holders with questions\nregarding the Offers should contact BofA Securities, Inc. at +1 (888) 292-0070\n(toll-free) or +1 (980) 388-3646 (collect) or debt_advisory@bofa.com\n(mailto:debt_advisory@bofa.com) or Citigroup Global Markets Inc. at +1 (800)\n558-3745 (toll-free) or +1 (212) 723-6106 or ny.liabilitymanagement@citi.com.\nLatham & Watkins LLP is serving as legal counsel to Paramount and Cahill\nGordon & Reindel LLP is serving as legal counsel to the Dealer Managers.\n\nThis press release is for informational purposes only and does not constitute\nan offer to sell, or a solicitation of an offer to buy, any security, and does\nnot constitute an offer, solicitation, or sale of any security in any\njurisdiction in which such offer, solicitation, or sale would be unlawful.\n\nAbout Paramount, a Skydance Corporation\n\nParamount, a Skydance Corporation is a next-generation global media and\nentertainment company, comprised of three business segments: Studios,\nDirect-to-Consumer, and TV Media. PSKY's portfolio unites legendary brands,\nincluding Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports,\nNickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and\nSkydance Animation, Film, Television, Interactive/Games, and Paramount Sports\nEntertainment.\n\nPSKY-IR\n\nCautionary Note Concerning Forward-Looking Statements\n\nThis communication contains \"forward-looking statements\" regarding the\nAcquisition and the other transactions referred to herein. The reader is\ncautioned not to rely on these forward-looking statements. These statements\nare based on current expectations of future events. If underlying assumptions\nprove inaccurate or known or unknown risks or uncertainties materialize,\nactual results could vary materially from the expectations and projections of\nParamount. Risks and uncertainties include, but are not limited to: the risk\nthat the closing conditions for the Acquisition will not be satisfied,\nincluding the risk that clearances under applicable antitrust or regulatory\nlaws will not be obtained or will be obtained subject to conditions that are\nnot anticipated; the possibility that the transactions described herein will\nnot be completed in the expected timeframe or at all; the occurrence of any\nevent, change or other circumstances that could give rise to the termination\nof the Acquisition; potential adverse effects to the businesses of Paramount\nor WBD during the pendency of the Acquisition, such as employee departures or\ndistraction of management from business operations; negative effects of the\nannouncement or the consummation of the Acquisition on the market price of WBD\nor Paramount stock; the risk of stockholder litigation relating to the\nAcquisition, including resulting expense or delay; the potential that the\nexpected benefits and opportunities of the Acquisition, if completed, may not\nbe realized or may take longer to realize than expected; risks related to the\nstreaming business of the post-Acquisition combined business (the \"Combined\nCompany\"); the adverse impact on the Combined Company's advertising revenues\nas a result of changes in consumer behavior, advertising market conditions,\nand deficiencies in audience measurement; risks related to operating in highly\ncompetitive and dynamic industries; the unpredictable nature of consumer\nbehavior, as well as evolving technologies and distribution models; risks\nrelated to the Combined Company's decision to invest in new businesses,\nproducts, services, and technologies, and the evolution of the Combined\nCompany's business strategy; the potential for loss of carriage or other\nreduction in, or the impact of negotiations for, the distribution of the\nCombined Company's content; damage to the Combined Company's reputation or\nbrands; losses due to asset impairment charges for goodwill, content and\nlong-lived assets, including finite-lived intangible assets; liabilities\nrelated to discontinued operations and former businesses; increasing scrutiny\nof, and evolving expectations for, sustainability initiatives; evolving\nbusiness continuity, cybersecurity, privacy and data protection and similar\nrisks; challenges in protecting and maintaining the Combined Company's\nintellectual property rights; domestic and global political, economic and\nregulatory factors affecting the Combined Company's business generally or the\nAcquisition; the inability to hire or retain key employees or secure creative\ntalent; disruptions to the Combined Company's operations as a result of labor\ndisputes; risks and costs associated with the integration of, and Paramount's\nability to integrate, the businesses of Paramount Global, Skydance Media, LLC,\nand WBD successfully and to achieve anticipated synergies, including in the\namounts or on the timelines anticipated to realize such synergies; litigation\nrelated to the Acquisition and other matters or transactions; risks associated\nwith the Combined Company's holding company structure, including its\ndependence on distributions from its subsidiaries to meet tax obligations and\nother cash requirements; risks related to our indebtedness, including our\nsubstantial outstanding debt obligations, our ability to incur substantially\nmore debt and our ability to meet the financial and other covenants contained\nin the agreements governing the indebtedness of Paramount, WBD, or the\nCombined Company. A further list and description of these risks, uncertainties\nand other factors and the general risks associated with the respective\nbusinesses of Paramount and WBD can be found in Paramount's Annual Report on\nForm 10-K for the fiscal year ended December 31, 2025, filed with the SEC on\nFebruary 25, 2026, including in the sections captioned \"Cautionary Note\nConcerning Forward-Looking Statements\" and \"Item 1A. Risk Factors,\"\nParamount's most recently filed Quarterly Report on Form 10-Q for the quarter\nended June 30, 2026, filed with the SEC on August 4, 2026, including in the\nsections captioned \"Cautionary Note Concerning Forward-Looking Statements\" and\n\"Item 1A. Risk Factors,\" and Paramount's subsequent filings with the SEC, and\nin WBD's Annual Report on Form 10-K for the fiscal year ended December 31,\n2025, filed with the SEC on February 27, 2026, including in the section\ncaptioned \"Item 1A. Risk Factors,\" WBD's Quarterly Report on Form 10-Q for the\nquarter ended June 30, 2026, filed with the SEC on August 6, 2026, and WBD's\nsubsequent filings with the SEC. Neither Paramount nor WBD undertakes to\nupdate any forward-looking statement as a result of new information or future\nevents or developments, except as required by law.\n\nView original\ncontent:https://www.prnewswire.com/news-releases/paramount-skydance-corporation-announces-extension-of-expiration-dates-of-previously-announced-exchange-offers-and-tender-offers-302864431.html\n(https://www.prnewswire.com/news-releases/paramount-skydance-corporation-announces-extension-of-expiration-dates-of-previously-announced-exchange-offers-and-tender-offers-302864431.html)\n\nSOURCE Paramount Skydance Corporation\n\n\n\nMedia Contacts: Melissa Zukerman / Laura Watson, msz@paramount.com / laura.watson@paramount.com. Brunswick Group: ParamountSkydance@brunswickgroup.com. Gagnier Communications: Dan Gagnier, dg@gagnierfc.com. Investor Contacts: Kevin Creighton / Logan Thomas, kevin.creighton@paramount.com / logan.thomas@paramount.com\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-08-31T13:00:10.406468048Z","server_sent_at_ms":1788181210406},"received_at":"2026-08-31T13:00:10.574Z","source_url":"https://www.prnewswire.com/news-releases/paramount-skydance-corporation-announces-extension-of-expiration-dates-of-previously-announced-exchange-offers-and-tender-offers-302864431.html"},"analysis":{"id":"120175","press_release_id":"131261","analysis_json":{"industry":{"label":"Entertainment","sector":"Communication Services"},"redFlags":["Ninth extension of expiration dates suggests potential delays in satisfying closing conditions for the WBD acquisition"],"eventType":"operations_update","narrative":"Paramount Skydance extended the expiration dates for its previously announced tender and exchange offers on Warner Bros. Discovery debt securities to September 11, 2026.\n\nThe company stated that these extensions are intended to align the settlement dates with the closing of its proposed acquisition of WBD, which is currently anticipated in the third quarter of 2026.\n\nAs of August 28, approximately 66.28% of the tender offer notes and 75.48% of the exchange offer notes had been validly tendered.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Routine procedural extension for WBD debt tender offers; no change in deal terms."},"keyFigures":{"customDimensions":{"tender_offer_participation":"66.28%","exchange_offer_participation":"75.48%"}},"quotedText":"","namedEntities":{"people":[],"products":["3.950% Senior Notes due 2028","4.125% Senior Notes due 2029","3.625% Senior Notes due 2030","5.000% Senior Notes due 2037","6.350% Senior Notes due 2040","4.950% Senior Notes due 2042","4.875% Senior Notes due 2043","5.200% Senior Notes due 2047","5.300% Senior Notes due 2049","3.755% Senior Notes due 2027","4.054% Senior Notes due 2029","4.279% Senior Notes due 2032","5.050% Senior Notes due 2042","5.141% Senior Notes due 2052","4.302% Senior Notes due 2030","4.693% Senior Notes due 2033"],"companies":[{"name":"Paramount Skydance Corporation","ticker":"PSKY"},{"name":"Warner Bros. 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