David Ellison to become Chairman of the Board

Future directors comprise world-renowned, accomplished leaders from media, technology, and global business

LOS ANGELES, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Skydance Media today announced the full slate of director designees for Paramount Skydance Corporation ("Paramount"). The directors will be elected and begin serving on the Paramount Board effective at the closing of the proposed merger with Paramount Global (NASDAQ:PARA, PARAA)).

The Paramount Board will consist of 10 directors, including three independent directors. The new Board comprises a preeminent group of leaders from across the media, technology, and finance sectors, bringing unmatched expertise and invaluable perspective on the complex intersection of geopolitics, economics, and global business strategy to help build Paramount into a next generation media company. The majority of the board is comprised of the largest shareholders of the company, further underscoring the deep commitment to building long-term value for all stakeholders.

Director-designees are as follows:

David Ellison, Future Chairman and Chief Executive Officer, Paramount
Barbara Byrne, Former Vice Chairman of Barclays PLC (Independent Director)
Gerry Cardinale, Founder, Managing Partner, and Chief Investment Officer, RedBird Capital Partners
Safra A. Catz, CEO, Oracle Corporation
Andy Gordon, Future Chief Strategy Officer and Chief Operating Officer, Paramount
Justin G. Hamill, Managing Director and Chief Legal Officer, Silver Lake (Independent Director)
Sherry Lansing, Former Chairman and CEO of Paramount Pictures (Independent Director)
Paul Marinelli, President, Lawrence Investments, LLC
Jeff Shell, Future President, Paramount
John L. Thornton, Chairman of RedBird Capital Partners

The current Paramount Global directors will step down upon the close of the combination.

David Ellison, the future Chairman and CEO of Paramount, commented:

"We are thrilled and honored to welcome this truly outstanding group of director-designees to our Board. They are dynamic leaders whose impact spans industries and whose reputations resonate across the business world globally. The legacy of Paramount is one of our greatest strategic assets and it is our strong desire and fiduciary duty to honor that history while positioning the business for sustained value creation. These highly qualified, world-class executives share in our commitment and will play a critical role in guiding the future direction of our combined company, and we are deeply grateful for their willingness to serve."

Editors Note:

Headshots of the Board are available by contacting the media relations team

Cautionary Note Regarding Forward-Looking Statements

This press release contains both historical and forward-looking statements that involve significant risks and uncertainties, including, without limitation, statements related to the consummation of the merger transactions among us, Paramount Global ("Paramount") and Paramount Skydance Corporation ("New Paramount," and together, the "Companies") and the related transactions thereunder (the "Transactions"), expectations regarding the structure of New Paramount following the merger, and expectations regarding New Paramount's management and leadership team upon closing of the merger. All statements that are not statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Similarly, statements that describe the Companies' objectives, plans or goals are or may be forward-looking statements. These forward-looking statements reflect current expectations concerning future results and events and generally can be identified by the use of statements that include phrases such as "believe," "expect," "anticipate," "intend," "plan," "foresee," "likely," "will," "may," "could," "estimate" or other similar words or phrases, and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause actual results, performance or achievements to be different from any future results, performance or achievements expressed or implied by these statements.

These risks, uncertainties and other factors include, among others: challenges realizing synergies and other anticipated benefits expected from the Transactions, including integrating ours and Paramount's businesses successfully; risks related to Paramount's streaming business; the adverse impact on Paramount's advertising revenues as a result of changes in consumer behavior, advertising market conditions and deficiencies in audience measurement; risks related to operating in highly competitive and dynamic industries, including cost increases; the unpredictable nature of consumer behavior, as well as evolving technologies and distribution models; risks related to the Companies' decisions to make investments in new businesses, products, services and technologies, and the evolution of the Companies' business strategy; the potential for loss of carriage or other reduction in or the impact of negotiations for the distribution of the Companies' content; damage to the Companies' reputation or brands; losses due to asset impairment charges for goodwill, intangible assets, FCC licenses and content; liabilities related to discontinued operations and former businesses; increasing scrutiny of, and evolving expectations for, sustainability initiatives; evolving business continuity, cybersecurity, privacy and data protection and similar risks; content infringement; domestic and global political, economic and regulatory factors affecting the Companies' businesses generally, including tariffs and other changes in trade policies; the inability to hire or retain executives, key employees or secure creative talent, including following completion of the Transactions; disruptions to the Companies' operations as a result of labor disputes; the dilution to the earnings per share of New Paramount which may negatively affect the price of New Paramount Class B Common Stock; the Companies' continued incurrence of significant transaction and merger-related transaction costs in connection with the Transactions; business uncertainties, including the effect of the Transactions on the Companies' employees, commercial partners, clients and customers, and contractual restrictions; tax consequences of the Transactions; lawsuits relating to the Transactions; the Transactions triggering change of control or other provisions in certain agreements which may allow third parties to terminate or alter existing contracts or relationships; changes and uncertainties with respect to taxes in the jurisdictions in which New Paramount will operate which may have an adverse effect on New Paramount's business; volatility in the price of New Paramount's Class B Common Stock; potential conflicts of interest arising from the ownership structure of New Paramount with a controlling stockholder; and other factors described in New Paramount's filings with the Securities and Exchange Commission, including but not limited to Paramount Global's Annual Report on Form 10-K filed on February 26, 2025, and Quarterly Reports on Form 10-Q filed on May 8 and July 31, 2025. There may be additional risks, uncertainties and factors that we do not currently view as material or that are not necessarily known. The forward-looking statements included in this communication are made only as of the date hereof, and we do not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.

Media Contacts:

Skydance Media

Melissa Zukerman

Melissa.zukerman@skydance.com

310-717-8764

Laura Watson

Laura.watson@skydance.com

571-218-8714

Dan Gagnier

Gagnier Communications

dg@gagnierfc.com

646-342-8087