Paramount Skydance Corporation

1515 Broadway
New York, New York 10036

 

May 29, 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	25470DCQ0 US25470DCQ07
3.625% Senior Notes due 2030	Discovery Communications, LLC	25470DCR8 US25470DCR89
5.000% Senior Notes due 2037	Discovery Communications, LLC	25470DCS6 US25470DCS62
6.350% Senior Notes due 2040	Discovery Communications, LLC	25470DCT4 US25470DCT46
4.950% Senior Notes due 2042	Discovery Communications, LLC	25470DCU1 US25470DCU19
4.875% Senior Notes due 2043	Discovery Communications, LLC	25470DCV9 US25470DCV91
5.200% Senior Notes due 2047	Discovery Communications, LLC	25470DCW7 US25470DCW74
5.300% Senior Notes due 2049	Discovery Communications, LLC	25470DCX5 US25470DCX57
4.054% Senior Notes due 2029	Discovery Global Holdings, Inc.	254948AJ1 US254948AJ15 254948AP7 US254948AP74 U25483AB1 USU25483AB11
4.279% Senior Notes due 2032	Discovery Global Holdings, Inc.	254948AK8 US254948AK87 254948AQ5 US254948AQ57
5.050% Senior Notes due 2042	Discovery Global Holdings, Inc.	254948AL6 US254948AL60 254948 AR3 US254948AR31 U25483AD7 USU25483AD76
5.141% Senior Notes due 2052	Discovery Global Holdings, Inc.	254948AM4 US254948AM44 254948AS1 US254948AS14
4.302% Senior Notes due 2030	Discovery Global Holdings, Inc.	XS3393993285 339399328
4.693% Senior Notes due 2033	Discovery Global Holdings, Inc.	XS3393994507 339399450

___________________
(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