Regulation FD Disclosure (Form 8-K)

As previously disclosed, Warner Bros. Discovery, Inc., a Delaware corporation ("WBD"), Paramount Skydance Corporation, a Delaware corporation ("PSKY"), and Prince Sub Inc., a Delaware corporation and wholly owned subsidiary of PSKY ("Merger Sub"), entered into an Agreement and Plan of Merger on February 27, 2026, pursuant to which, and subject to the terms and conditions therein, at the effective time of the Merger, Merger Sub will merge with and into WBD, with WBD surviving as a wholly owned subsidiary of PSKY (the "Merger").

In connection with the Merger, on June 9, 2026, the Australian Competition and Consumer Commission (the "ACCC") published its decision that the Merger may be consummated, subject to expiration of a 14-calendar day waiting period. The waiting period is scheduled to expire at 10:00 a.m., Eastern Time, on June 23, 2026. In its decision, the ACCC concluded, among other items, that:

"[T]he Acquisition is unlikely to have the effect of substantially lessening competition in relation to the wholesale supply of films for theatrical release in Australia."

"[W]hile the Acquisition would remove competition between Paramount and Warner Brothers, the merged entity would continue to be constrained by other film studios post-Acquisition."

"The materials do not support the view that Paramount and Warner Brothers are particularly close competitors or that they compete more closely with each other than with the other major film studios."

"[T]he merged entity is unlikely to have a sufficiently strong position in the supply of wholesale [audiovisual] content to enable it to successfully foreclose rivals' access to [audiovisual] content."

In addition, on June 5, 2026, the New Zealand Commerce Commission (the "NZCC") informed PSKY that it does not intend to consider the Merger further. The relevant clearance regime is voluntary, and the NZCC does not give informal clearances to parties.

Additionally, in recent weeks, PSKY received necessary approvals for the Merger from competition authorities in Saudi Arabia, Ukraine, Serbia and North Macedonia, and from foreign direct investment authorities in Germany, Slovenia, Belgium, Czechia, New Zealand, Italy, France and Romania.