New York, September 30, 2026 / PRNewswire / -- Paramount Skydance Corporation (Nasdaq ticker: PSKY, abbreviated as “PSKY”) and Warner Bros. Discovery. Inc (Nasdaq ticker: WBD, abbreviated as “WBD” or “Warner Bros. Discovery”) announced today that the merger transaction (hereinafter referred to as the “merger”) contemplated by the “Merger Agreement and Plan” signed by both parties on February 27, 2026 (hereinafter referred to as the “Merger Agreement”) is expected to be completed on October 6, 2026 (hereinafter referred to as the “estimated closing date”), subject to meeting the usual closing conditions.

As previously disclosed, at the effective date of the merger (hereinafter referred to as the 'effective date'), each share of WBD common stock that was already issued and in circulation immediately prior to the effective date (except for those shares that will be cancelled under the merger agreement without payment of consideration, or those shares for which the appraisal rights have been properly exercised) will be converted into a right to receive cash, without any interest. The amount is: (x) $31.00, plus (y) $0.00277778 multiplied by the number of calendar days from September 30, 2026, until the completion date of the merger (hereinafter referred to as the 'closing date').

Therefore, if the delivery date falls on the expected delivery date, then at the time of effectiveness, each share of the aforementioned WBD common stock will be converted into the right to receive $31.01666668 in cash, without any interest.

Regarding Warner Bros and Discovery.

Warner Bros. Discovery is a globally leading media and entertainment company that creates and distributes the most differentiated and comprehensive portfolio of brand content across television, film, streaming, and gaming. Warner Bros. Discovery inspires, entertains, and engages audiences worldwide through its iconic brands and products, including: Discovery Channel, HBO Max, discovery+, CNN, DC, TNT Sports, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, Animal Planet, Science Channel, Warner Bros, Motion Picture Group, Warner Bros, Television Group, Warner Bros, Pictures Animation, Warner Bros, Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery, en, Espa, ol, Hogar, de, HGTV, and more.

Regarding Paramount, a Skydance Corporation

Paramount, a Skydance Corporation (Nasdaq ticker: PSKY) is a leading next-generation global media and entertainment company composed of three business segments: studios, direct-to-consumer businesses, and television media. The company's brand portfolio includes Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, SHOWTIME ®, Paramount+, Pluto TV, Skydance Animation, Film, Television, and Interactive / Games, as well as the newly established Paramount Sports Entertainment. For more information, please visit www.paramount.com.

Warning Statement Regarding Forward-Looking Statements

The information contained in this communication constitutes forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the expectations, beliefs, intentions, or strategies of WBD for the future, which may be identified by forward-looking phrases such as “anticipate (expected)”, “believe (believes)”, “could (possible)”, “continue (continue)”, “estimate (estimates)”, “expect (expects)”, “intend (intends)”, “may (may)”, “should (should)”, “will (will)”, and “would (shall)”. These forward-looking statements are based on current expectations, projections, and assumptions, involve risks and uncertainties, and are based on the information available to Warner Bros as of the date of this document.

Forward-looking statements include, but are not limited to, statements regarding merger benefits, future financial and operating results, plans, objectives, expectations, and intentions of the combined company, as well as other statements that are not historical facts. Such statements are based on the current beliefs and expectations of the management of WBD and are subject to significant risks and uncertainties beyond the company's control. Risks and uncertainties that could lead to material differences between actual results and those stated or implied in the forward-looking statements include the following: (1) The merger may not be completed on the expected terms and time, or may not be completed at all; (2) Any events, changes, or circumstances may occur that could result in the termination of the merger; (3) Any conditions for the completion of the merger may not be met in a timely manner; (4) Litigation risks related to the merger; (5) The risk that the merger will distract management from its daily business operations; (6) The impact of the merger announcement, the status of completion, or post-completion on the ability of WBD to retain customers, hire and retain key personnel, and maintain relationships with suppliers, distributors, advertisers, content providers, vendors, and other business partners, as well as on its operating results and overall business; (7) The adverse effect of the merger announcement or completion on the market price of WBD common stock; (8) General economic, political, and market factors that may affect the company or the merger; (9) The inherent uncertainties in the estimates and assumptions used in preparing financial forecasts; (10) The ability to obtain or complete financing or refinancing related to the merger; and (11) The management's response to any of the above factors by WBD or PSKY. Due to the risks and uncertainties associated with its business, including those related to the merger, the actual results of WBD may differ significantly from those stated or implied above.Discussions regarding other risks and uncertainties are contained in the documents submitted by WBD to the U.S. Securities and Exchange Commission, including but not limited to WBD's most recent 10-K annual reports, 10-Q quarterly reports, 8-K reports, and WBD's final proxy statements related to the merger. WBD has no obligation, and explicitly declares no obligation, to update, modify, or otherwise revise any forward-looking statements, whether in written or oral form, whether due to new information, future events, or other reasons, unless required by applicable law. Those who read this communication should be aware not to place excessive reliance on these forward-looking statements, which are only as of the date of this document.

WBD Investor Contact Information:

[ email protected ]

WBD Media contact information:

Megan Klein

Joe Libonati

Paramount Investor Contact Information:

Kevin Creighton

Paramount Media contact information:

Melissa Zukerman