Paramount Global announces $1.0 billion subordinated debt offering

Paramount Global has announced that it has agreed to sell $1.0 billion in aggregate principal amount of 6.375% fixed-to-fixed rate junior subordinated debentures due 2062 at a price equal to 100.000% of the principal amount thereof, the "Debentures.

Paramount Global intends to use the net proceeds from the offering, after deducting underwriting discounts and commissions and other fees and expenses related to the offering, for general corporate purposes, including the possible repayment of existing indebtedness.

The joint structuring agents and book-running managers for the offering are BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC.

The Debentures, which constitute unsecured subordinated indebtedness of Paramount Global, are expected to be rated BB+ (stable) by S&P Global Ratings, BB+ (stable) by Fitch Ratings and Baa3 (stable) by Moody's Investors Service.

www.paramount.com

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