Paramount special committee confirms receipt of revised Bronfman proposal

The Special Committee of the Board of Directors of Paramount Global announced the receipt of an acquisition proposal from Edgar Bronfman, Jr., on behalf of a consortium of investors, that the Special Committee has determined qualifies the Bronfman Consortium as an “Excluded Party” under the terms of the Skydance transaction agreement. As a result, the “go shop” period is extended for the Bronfman Consortium until September 5, 2024, pursuant to the transaction agreement to which the Company remains subject. There can be no assurance this process will result in a Superior Proposal. The Company does not intend to disclose further developments unless and until it determines such disclosure is appropriate or is otherwise required. During the go-shop period, representatives of the Special Committee contacted more than 50 third parties to determine whether they had an interest in making a proposal to acquire Paramount. With respect to other parties, the go-shop period will expire at 11:59 p.m. Eastern Time today. Centerview Partners LLC serves as financial advisor to the Paramount Special Committee and Cravath, Swaine & Moore LLP serves as legal counsel.