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99.1\n\nExplanatory Note\n\nParamount Skydance Corporation is filing this Exhibit 99.1 to recast historical segment information for the period from August 7, 2025-December 31, 2025 as set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission (“SEC”) on February 25, 2026 (“2025 Form 10-K”). References to “Paramount,” the “Company,” “we,” “us” and “our” refer to Paramount Skydance Corporation and its consolidated subsidiaries, unless the context otherwise requires.\n\nAs previously disclosed and as reflected in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, beginning in 2026, we transitioned our reporting structure into three new segments: Studios, Direct-to-Consumer, and TV Media. Under the new segment structure, our Studios segment reflects the combination of the historical Filmed Entertainment segment with the historical TV Media studio operations, consolidating our content creation activities. Additionally, our premium cable channel, Paramount+ with Showtime, which was previously under the TV Media segment, is now managed under the Direct-to-Consumer segment. Concurrent with the change to our segments, we updated our segment expense allocations to better reflect how we operate and make cost decisions across the business. Certain centralized costs that were previously allocated at the segment level are now reported within corporate expenses.\n\nAs a result of the new accounting basis established in connection with the Transactions and the NAI Transaction (as defined in our 2025 Form 10-K), our results of operations for the Successor period, which began on August 7, 2025, are not comparable to those of the Predecessor periods. Accordingly, we are required to present Predecessor segment information using our historical segments—Filmed Entertainment, Direct-to-Consumer, and TV Media—while Successor segment results reflect the new segment presentation.\n\nThis Exhibit 99.1 provides recast segment information within the following items to reflect the changes made to its segment reporting:\n\n•Part I Item 1. Business\n\n•Part II Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – solely to reflect changes in “Segment Results of Operations”\n\n•Part II Item 8. Financial Statements and Supplementary Data – solely to reflect changes relating to the segment recast in the “Notes to Consolidated Financial Statements,” specifically “Note 1 – Description of Business, Basis of Presentation and Summary of Significant Accounting Policies,” “Note 5 – Goodwill and Other Intangible Assets,” “Note 6 – “Restructuring, Transaction-related Items, and Other Corporate Matters,” and “Note 17 – Segment Information”\n\nThis Exhibit 99.1 does not reflect changes or events occurring subsequent to the original filing of the 2025 Form 10-K and does not modify or update the disclosures in any way (including as it relates to the merger agreement announced on February 27, 2026 under which Paramount will acquire Warner Bros. Discovery), other than as required to retrospectively recast the change in segment reporting for the period from August 7, 2025-December 31, 2025. Therefore, this Exhibit 99.1 should be read in conjunction with the Company’s 2025 Form 10-K as filed, Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, and current reports on Form 8-K.\n\n-1-\n\nCAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS\n\nThis document contains both historical and forward-looking statements, including statements related to our future financial results and performance, potential achievements and transactions (including in connection with the Company’s pending merger with Warner Bros. Discovery, Inc.) and their expected benefits, and industry trends and developments. 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 our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements reflect our current expectations concerning future results and events; can generally 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 our 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 are discussed in “Item 1A. Risk Factors” in our Annual Report on Form 10-K filed on February 25, 2026. Other risks, uncertainties or other factors, or updates to those discussed herein, may be described in our other filings with the SEC, including our reports on Form 10-Q and Form 8-K, press releases, public conference calls, webcasts, our social media and blog posts and on our website at paramount.com (under Investors). Information included on or accessible through our website is not intended to be incorporated into this document. There may be additional risks, uncertainties and other factors that we do not currently view as material or that are not known. We do not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.\n\nPART I"}