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").

On July 22, 2026, the European Commission approved the Merger under the EU Merger Regulation following a Phase 1 review.

On July 14, 2026, the European Commission unconditionally approved the Merger under the EU Foreign Subsidies Regulation following a Phase 1 review.

On July 10, 2026, the Fair Trade Commission of South Korea unconditionally approved the Merger following a Phase 1 review.

The completion of the Merger remains subject to certain other conditions, including regulatory clearance in other relevant jurisdictions.

PSKY continues to engage constructively with antitrust enforcers and other regulators around the world to secure regulatory clearances and approvals necessary for the Merger.