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 17, 2026, PSKY received unconditional clearance of the Merger from the Chinese antitrust authority (the Anti-Monopoly Enforcement Department II of State Administration for Market Regulation of China).

In addition, on June 12, 2026, the Antitrust Division of the United States Department of Justice (the "DOJ") issued a statement in connection with closing its investigation into the Merger. In the statement, the DOJ wrote:

"The Division has completed its analysis of the proposed merger of Paramount and Warner Bros. and determined based on the evidence received in its investigation that the transaction is not likely to result in harm to competition or American consumers, including with respect to: (1) streaming video on demand ("SVOD"); (2) linear television; and (3) studio development, production, or distribution of films for theatrical release. . . . [DOJ's] investigative efforts all led to the same conclusion: the film and television industry is highly dynamic, and the proposed transaction is not likely to harm competition or American consumers."

The DOJ's statement is available on the DOJ's website at www.justice.gov. The information contained on, or accessible through, the DOJ's website is not incorporated by reference into, and does not constitute a part of, this Current Report on Form 8-K.

Additionally, on June 11, 2026, PSKY received unconditional approval (in the form of a no-jurisdiction confirmation) of the Merger from the Spanish foreign direct investment authority (General Directorate on Commercial Policy and Economic Security).