Paramount Skydance Corporation

1515 Broadway
New York, New York 10036

 

May 19, 2026

           To the beneficial owners or representatives acting on behalf of beneficial owners, of the following series of notes (collectively, the “Existing Notes”):

Existing Notes to be Tendered	Issuer of Existing Notes	CUSIP No. / Common Code / ISIN(1)
4.125% Senior Notes due 2029	Discovery Communications, LLC	25470DCA5 US25470DCA54
3.625% Senior Notes due 2030	Discovery Communications, LLC	25470DCC1 US25470DCC11
5.000% Senior Notes due 2037	Discovery Communications, LLC	25470DBY4 US25470DBY40
6.350% Senior Notes due 2040	Discovery Communications, LLC	25470DBZ1 US25470DBZ15
4.95% Senior Notes due 2042	Discovery Communications, LLC	25470DBW8 US25470DBW83
4.875% Senior Notes due 2043	Discovery Communications, LLC	25470DBX6 US25470DBX66
5.200% Senior Notes due 2047	Discovery Communications, LLC	25470DBV0 US25470DBV01
5.300% Senior Notes due 2049	Discovery Communications, LLC	25470DBU2 US25470DBU28
4.054% Senior Notes due 2029	Discovery Global Holdings, Inc.	55903VBY8 US55903VBY83 55903VBX0 US55903VBX01 U55632AT7 USU55632AT75
4.279% Senior Notes due 2032	Discovery Global Holdings, Inc.	55903VBQ5 US55903VBQ59 55903VBP7 US55903VBP76
5.050% Senior Notes due 2042	Discovery Global Holdings, Inc.	55903VBW2 US55903VBW28 55903VBV4 US55903VBV45 U55632AS9 USU55632AS92
5.141% Senior Notes due 2052	Discovery Global Holdings, Inc.	55903VBU6 US55903VBU61 55903VBT9 US55903VBT98
4.302% Senior Notes due 2030	Discovery Global Holdings, Inc.	XS3099830765 309983076
4.693% Senior Notes due 2033	Discovery Global Holdings, Inc.	XS3099829593 309982959

___________________
(1)       No representation is made as to the correctness or accuracy of the CUSIP numbers / Common Codes / ISINs listed in this Eligibility Letter or printed on the Existing Notes. Such CUSIP numbers / Common Codes / ISINs are provided solely for the convenience of the holders.

***

           Paramount Skydance Corporation, a Delaware corporation (the “Offeror”), is exchanging any and all of the above listed Existing Notes (the “Exchange Offers”) for new debt securities to be issued by the Offeror (the “New Notes”).

           If you are a beneficial owner, or a representative acting on behalf of a beneficial owner, of Existing Notes that is an Eligible Holder (as defined below), please complete the attached eligibility letter (the “Eligibility Letter”) and return it to Global Bondholder Services Corporation at the address set forth in the Eligibility Letter. If you are a beneficial owner of Existing Notes that is not an Eligible Holder, please do not take any action at this time.

           An “Eligible Holder” is a beneficial owner that certifies that it is: (a) a “Qualified Institutional Buyer,” as that term is defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) or (b) a person that is outside of the “United States” and is not a “U.S. Person,” as those terms are defined in Rule 902 of Regulation S under the Securities Act. If you are an Eligible Holder resident in Canada and you participate in the exchange offer, you are required to complete, sign and submit a Canadian Eligibility Form.

RESPONSES MUST BE RECEIVED NO LATER THAN 5:00 P.M., NEW YORK CITY TIME, ON JUNE 17, 2026 (OR SUCH LATER TIME AS MAY BE EXTENDED TO ALIGN WITH THE EXPIRATION DATE FOR THE EXCHANGE OFFERS).

           This letter is neither an offer of the New Notes nor a solicitation of an offer with respect to the Existing Notes. It does not create any obligations whatsoever on the part of the Offeror to make any offer or on the part of the recipient to participate if an offer is made. The terms of any offer, including the terms of any New Notes, will be set forth in a separate offering memorandum, which you are encouraged to carefully read.

           COMPLETED FORMS MUST BE FAXED OR EMAILED TO THE ATTENTION OF GLOBAL BONDHOLDER SERVICES CORPORATION, THE INFORMATION AGENT FOR THE EXCHANGE OFFERS, AT (212) 430-3775/3779 OR CONTACT@GBSC-USA.COM. You may direct any questions about the eligibility process to:

Global Bondholder Services Corporation
65 Broadway, Suite 404
New York, New York 10006
Attention: Corporate Actions
Banks and Brokers call: (212) 430-3774 | Toll free (855) 654-2014
Email: contact@gbsc-usa.com

                                                                                                    PARAMOUNT SKYDANCE CORPORATION