LOS ANGELES and NEW YORK, Sept. 28, 2026 /PRNewswire/ -- Paramount Skydance Corporation $(PSKY)$ (the "Company") today announced the extension of the Expiration Dates and certain other modifications in connection with the previously announced (i) offers to purchase (the "Tender Offers" and each, a "Tender Offer") for cash, upon the terms and subject to the conditions set forth in the related offer to purchase (the "Offer to Purchase"), any and all of the identified notes in each series of the Existing Tender Offer Notes (defined by reference to the table set forth below) issued by Discovery Global Holdings, Inc. (formerly WarnerMedia Holdings, Inc.) (the "DGH Issuer") and Discovery Communications, LLC (the "DCL Issuer" and together with the DGH Issuer, each a "WBD Issuer" and collectively the "WBD Issuers"), as applicable, and (ii) offers to exchange (the "Exchange Offers" and each, an "Exchange Offer" and, together with the Tender Offers, the "Offers" and each, an "Offer"), upon the terms and subject to the conditions set forth in the related exchange offer memorandum (the "Offering Memorandum"), any and all of the identified notes in each series of the Existing Exchange Offer Notes (defined by reference to the table set forth below) (together with the Existing Tender Offer Notes, the "Offer Notes") issued by the applicable WBD Issuer for notes to be newly issued by the Company (the "New PSKY Notes").
The Expiration Dates for the Tender Offers and Exchange Offers (as defined in each of the Offer to Purchase and Offering Memorandum, respectively) have been extended to 5:00 p.m., New York City time, on October 6, 2026, unless further extended. The Settlement Dates for the Tender Offers and Exchange Offers (as defined in each of the Offer to Purchase and Offering Memorandum, respectively) will occur promptly after the Expiration Date and are currently anticipated to occur in the fourth quarter of 2026. The Company anticipates extending the Expiration Date for such Tender Offers and Exchange Offers until such time that would result in the Settlement Dates occurring on or promptly following the closing date of the proposed acquisition (the "Acquisition") by the Company of Warner Bros. Discovery, Inc. ("WBD"). Tenders of the Offer Notes in the Offers may be withdrawn at any time prior to the Expiration Date. The aforementioned extensions further extend the Expiration Dates previously extended by the Company on June 12, 2026, June 26, 2026, July 13, 2026, July 17, 2026, July 24, 2026, July 31, 2026, August 7, 2026, August 17, 2026, August 24, 2026, August 31, 2026, September 8, 2026, September 14, 2026, and September 21, 2026.
The Company also announced the modification of the description of the New PSKY Notes contained in the Offering Memorandum to align certain terms of the New PSKY Notes with the corresponding terms that are expected to govern the senior secured second lien notes (the "Second Lien Secured Notes") that the Company separately announced today it intends to offer, subject to market and other conditions. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, the Second Lien Secured Notes. As of 5:00 p.m., New York City time, on September 25, 2026, approximately 67.33% and 74.88% of the aggregate principal amount of the Existing Tender Offer Notes and Existing Exchange Offer Notes, respectively, have been validly tendered in the applicable Offers. As the Company previously announced that it anticipates extending the Offers to align with the closing date of the Acquisition, the Company does not view these figures to be representative of the final results of the applicable Offers.
Information about each series of Offer Notes eligible to participate in the Offers is summarized below.
Aggregate
Principal
CUSIP No. / Amount of
Common Code / Offer Notes
Offer Notes to ISIN Eligible Eligible to
be Tendered or to Participate Participate in
Exchanged, as Issuer of in the Offers the Offers
Type of Offer Applicable Offer Notes (1) (2)
-------------- -------------- -------------- -------------- --------------
3.950% Senior
Notes due 25470D CP2
Tender Offer 2028 DCL Issuer US25470DCP24 $1,234,458,000
-------------- -------------- -------------- -------------- --------------
4.125% Senior
Notes due 25470D CQ0
Exchange Offer 2029 DCL Issuer US25470DCQ07 $655,825,000
-------------- -------------- -------------- -------------- --------------
3.625% Senior
Notes due 25470D CR8
Exchange Offer 2030 DCL Issuer US25470DCR89 $914,183,000
-------------- -------------- -------------- -------------- --------------
5.000% Senior
Notes due 25470D CS6
Exchange Offer 2037 DCL Issuer US25470DCS62 $453,281,000
-------------- -------------- -------------- -------------- --------------
6.350% Senior
Notes due 25470D CT4
Exchange Offer 2040 DCL Issuer US25470DCT46 $438,102,000
-------------- -------------- -------------- -------------- --------------
4.950% Senior
Notes due 25470D CU1
Exchange Offer 2042 DCL Issuer US25470DCU19 $130,366,000
-------------- -------------- -------------- -------------- --------------
4.875% Senior
Notes due 25470D V91
Exchange Offer 2043 DCL Issuer CV9US25470DC $141,584,000
-------------- -------------- -------------- -------------- --------------
5.200% Senior
Notes due 25470D W74
Exchange Offer 2047 DCL Issuer CW7US25470DC $3,161,000
-------------- -------------- -------------- -------------- --------------
5.300% Senior
Notes due 25470D X57
Exchange Offer 2049 DCL Issuer CX5US25470DC $247,860,000
-------------- -------------- -------------- -------------- --------------
254948 AH5
US254948AH58
254948 AN2
3.755% Senior US254948AN27
Notes due U25483 AA3
Tender Offer 2027 DGH Issuer USU25483AA38 $1,189,336,000
-------------- -------------- -------------- -------------- --------------
254948 AJ1
US254948AJ15
254948 AP7
4.054% Senior US254948AP74
Notes due U25483 AB1
Exchange Offer 2029 DGH Issuer USU25483AB11 $1,353,828,000
-------------- -------------- -------------- -------------- --------------
254948 AK8
4.279% Senior US254948AK87
Notes due 254948 AQ5
Exchange Offer 2032 DGH Issuer US254948AQ57 $2,691,764,000
-------------- -------------- -------------- -------------- --------------
254948 AL6
US254948AL60
254948 AR3
5.050% Senior US254948AR31
Notes due U25483 AD7
Exchange Offer 2042 DGH Issuer USU25483AD76 $4,104,687,000
-------------- -------------- -------------- -------------- --------------
254948 AM4
5.141% Senior US254948AM44
Notes due 254948 AS1
Exchange Offer 2052 DGH Issuer US254948AS14 $949,883,000
-------------- -------------- -------------- -------------- --------------
4.302% Senior
Notes due XS3393993285
Exchange Offer 2030 DGH Issuer 339399328 EUR234,382,000
-------------- -------------- -------------- -------------- --------------
4.693% Senior
Notes due XS3393994507
Exchange Offer 2033 DGH Issuer 339399450 EUR316,641,000
-------------- -------------- -------------- -------------- --------------
(1) No representation is made as to the correctness or accuracy of the
identifiers listed in this press release or printed on the Offer Notes.
Such identifiers are provided solely for the convenience of the holders.
(2) Represents the aggregate principal amount of Offer Notes outstanding that
are eligible to participate in the Offers.