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Tencent Music Entertainment Group Announces Third Quarter 2024 Unaudited Financial Results

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SHENZHEN, China, Nov. 12, 2024 /PRNewswire/ — Tencent Music Entertainment Group (“TME,” or the “Company”) (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Financial Highlights

Total revenues were RMB7.02 billion (US$1.0 billion), representing a 6.8% year-over-year increase, primarily due to strong year-over-year growth in revenues from online music services, and partially offset by a decline in revenues from social entertainment services and others.Revenues from music subscriptions were RMB3.84 billion (US$547 million), representing 20.3% year-over-year growth. The number of paying users increased by 15.5% year-over-year to 119.0 million, up by 2.0 million from the second quarter of 2024. ARPPU grew 4.9% year-over-year to RMB10.8.Net profit was RMB1.71 billion (US$244 million), representing 35.3% year-over-year growth. Net profit attributable to equity holders of the Company was RMB1.58 billion (US$226 million), representing 35.5% year-over-year growth. Non-IFRS net profit[1] was RMB1.94 billion (US$276 million), representing 29.1% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1] was RMB1.81 billion (US$258 million), representing 28.8% year-over-year growth.Diluted earnings per ADS was RMB1.01 (US$0.14), up from RMB0.74 in the same period of 2023.Total cash, cash equivalents, term deposits and short-term investments as of September 30, 2024 were RMB36.04 billion (US$5.14 billion).  As of September 30, 2024, the Company had repurchased 42.1 million ADSs in the open market with cash for a total consideration of US$335.5 million, of which approximately US$100 million were repurchased in the third quarter.

Mr. Cussion Pang, Executive Chairman of TME, commented, “Our commitment to high-quality growth is reflected in another solid quarterly performance. The steady expansion of our music subscribers and diversified music services continue to drive overall growth and profitability. We are encouraged by the growing synergies between our platform and well-established content ecosystem, which have become a vital force in empowering us to seize new opportunities for long-term, sustainable growth.”

Mr. Ross Liang, CEO of TME, continued, “This quarter’s robust music subscription performance, with better-than-expected net subscriber additions and an expanding ARPPU, highlights the effectiveness of our balanced approach to achieve growth, which is important to drive paying user base expansion in the coming years. By offering enriched and differentiated user privileges, our value proposition for more premium memberships has been well accepted, cultivating greater loyalty on our platform.”

Third Quarter 2024 Operational Highlights 

Key Operating Metrics

3Q24

3Q23

YoY %

MAUs – online music (million)

576

594

(3.0 %)

Mobile MAUs – social entertainment (million)

90

129

(30.2 %)

Paying users – online music (million)

119.0

103.0

15.5 %

Paying users – social entertainment (million)

7.9

7.8

1.3 %

Monthly ARPPU – online music (RMB)

10.8

10.3

4.9 %

Monthly ARPPU – social entertainment (RMB)

64.8

86.2

(24.8 %)

Dynamic and robust content ecosystem enabled us to diversify our offerings and capitalize on emerging trends swiftly.

Expanded and deepened partnerships with leading record labels: 1) Renewed contracts with YH Entertainment Group and Image Music Group to include early access for new song releases. 2) Strategic alliance with Galaxy Corporation further strengthened our advantage in K-pop content offerings, including digital albums, merchandise, and multi-year hosting rights for G-Dragon’s concerts in Asia and other regions.Elevated our industry impact through hosting influential and tailored concert events: 1) Successfully staged TME’s Zebra Music Festival in September, a two-day live music event attracting nearly 65,000 music fans, featuring performances from leading artists such as Chen Chusheng, Joker Xue, and Zhang Yuan[2], alongside Tencent musicians and other popular artists Leon Liu, Zhao Lei, and Suede[2]. 2) Organized pop singer and songwriter Yu Jiayun’s live concert, marking his first-ever ticketed show with over 10,000 attendees. Produced and promoted chart-topping theme songs for popular Tencent games such as League of Legends: Wild Rift and Peacekeeper Elite, and elevated engagement by offering in-game benefits to listeners.Collaborated with artists and labels to offer Super VIP (SVIP) members additional privileges, enhancing conversion and loyalty. This includes: 1) Complimentary access to an extensive digital album collection. 2) Proprietary concerts and fan engagement activities, such as pre-sales for ticket concerts by G.E.M., Mariah Carey, and TIA RAY[2] during the quarter.  

Effective operations and expansive privileges led to subscriber base expansion and SVIP adoption, paving a strong foundation for sustained future growth.

Enhanced recommendation algorithms increased overall subscriber conversion, with recommendation-driven streams reaching a record high.Introduced more personalized product features including dynamic player skins, audio players, and ringtones; collaborated with popular IPs such as Black Myth: Wu Kong, Crayon Shin-chan, and Disney to drive engagement. Leveraged expanding LLM capabilities to improve contents production and discovery effectiveness.Over 10 million SVIP subscribers as of the end of September 2024, with blended ARPPU and user engagement higher than non-SVIP subscribers.For SVIP adoption, premium audio quality and enriched long-form audio offerings were some of the key growth drivers. Features such as QQ Music’s Premium Sound, DTS sound quality, and Kugou Music’s Viper Ultra Sound helped enhance SVIP member experiences. We also expanded the Viper series privileges to in-vehicle use through strengthened partnerships with Xiaomi, Li Auto, and NIO.

Third Quarter 2024 Financial Review

Total revenues increased by 446 million, or 6.8%, to RMB7.02 billion (US$1.0 billion) from RMB6.57 billion in the same period of 2023.

Revenues from online music services delivered a strong year-over-year increase of 20.4% to RMB5.48 billion (US$781 million) from RMB4.55 billion in the same period of 2023. The increase was driven by solid growth in music subscription revenues, supplemented by growth in revenues from advertising services. Revenues from music subscriptions were RMB3.84 billion (US$547 million), representing 20.3% year-over-year growth compared with RMB3.19 billion in the same period of 2023. This rapid growth was driven by continuous expansion in the online music paying user base and improved ARPPU. The number of online music paying users increased by 15.5% year-over-year to 119.0 million, with a monthly ARPPU of RMB10.8 in the third quarter of 2024. The increase in the number of paying users and monthly ARPPU was primarily due to high quality contents, attractive membership privileges, optimized user operations and effective promotions, as well as the expansion of SVIP membership program. The year-over-year increase in revenues from advertising was primarily due to our more diversified product portfolio and innovative ad formats, such as ad-supported mode. Additionally, increased revenues from offline performances also contributed to the growth in revenues from online music services.Revenues from social entertainment services and others decreased by 23.9% to RMB1.54 billion (US$219 million) from RMB2.02 billion in the same period of 2023. The continued decrease was mainly the result of adjustments to certain live-streaming interactive functions and more stringent compliance procedures implemented. Meanwhile, we continue to focus on the healthy growth in advertising and VIP memberships within social entertainment.   

Cost of revenues decreased by 4.8% year-over-year to RMB4.02 billion (US$573 million), mainly due to decreased revenues from social entertainment services that led to less revenue sharing fees, partially offset by increased costs related to offline concerts and music festivals, content costs of royalties and payment channel fees.

Gross margin increased to 42.6% from 35.7% in the same period of 2023, primarily due to strong revenue growth from music subscriptions and advertising services, and the ramp-up of our own content.

Total operating expenses decreased by 3.9% year-over-year to RMB1.22 billion (US$174 million). Operating expenses as a percentage of total revenues decreased to 17.4% from 19.3% in the same period of 2023.

Selling and marketing expenses were RMB220 million (US$31 million), which were relatively stable compared with same period of last year. We continue to maintain ROI focused approach for promotion expenses.General and administrative expenses were RMB1.00 billion (US$142 million), representing a 4.9% year-over-year decrease. This decrease was primarily due to reduced employee-related expenses.

Total operating profit was RMB2.14 billion (US$306 million) in the third quarter of 2024, representing an increase of 50.5% year-over-year.

The effective tax rate for the third quarter of 2024 was 17.7% compared with 12.2% in the same period of 2023. The increase in the effective tax rate was mainly driven by the accrual of withholding income tax of RMB113 million (US$16 million) in the third quarter of 2024.

For the third quarter of 2024, net profit was RMB1.71 billion (US$244 million) and net profit attributable to equity holders of the Company was RMB1.58 billion (US$226 million). Non-IFRS net profit was RMB1.94 billion (US$276 million) and non-IFRS net profit attributable to equity holders of the Company was RMB1.81 billion (US$258 million). Please refer to the section in this press release titled “Non-IFRS Financial Measure” for details.

Basic and diluted earnings per American Depositary Shares (“ADS”) for the third quarter of 2024 were RMB1.02 (US$0.15) and RMB1.01 (US$0.14), respectively; non-IFRS basic and diluted earnings per ADS were RMB1.17 (US$0.17) and RMB1.16 (US$0.16), respectively. The Company had weighted averages of 1.55 billion basic and 1.57 billion diluted ADSs outstanding, respectively. Each ADS represents two of the Company’s Class A ordinary shares.

As of September 30, 2024, the combined balance of the Company’s cash, cash equivalents, term deposits and short-term investments amounted to RMB36.04 billion (US$5.14 billion), compared with RMB35.03 billion as of June 30, 2024.

Share Repurchase Program

Under the US$500 million Share Repurchase Program announced on March 21, 2023, as of September 30, 2024, we had repurchased 42.1 million ADSs in the open market with cash for a total consideration of US$335.5 million.

Environmental, Social, and Governance (“ESG”)

In the third quarter, we published our inaugural ESG report, detailing our practices and achievements across environmental, social, and governance areas. This report underscores our unwavering commitment to sustainable development and corporate social responsibility.

Additionally, the Tencent Musician Platform was recognized as one of China’s first model cases for its national copyright powerhouse strategy recently, honoring our contributions to music copyright protection and the advancement of the music industry.  

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.0176 to US$1.00, the noon buying rate in effect on September 30, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Non-IFRS Financial Measure

The Company uses non-IFRS net profit for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes. TME believes that non-IFRS net profit helps identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its profit for the period. TME believes that non-IFRS net profit for the period provides useful information about its results of operations, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

Non-IFRS net profit for the period should not be considered in isolation or construed as an alternative to operating profit, net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS net profit for the period and the reconciliation to its most directly comparable IFRS measure. Non-IFRS net profit for the period presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. TME encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

Non-IFRS net profit for the period represents profit for the period excluding amortization of intangible and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments and related income tax effects.

Please see the “Unaudited Non-IFRS Financial Measure” included in this press release for a full reconciliation of non-IFRS net profit for the period to its net profit for the period.

[1] Non-IFRS net profit and non-IFRS net profit attributable to equity holders of the Company were arrived at after excluding the combined effect of amortization of intangible assets and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments, and related income tax effects.

[2] Names of artists and bands contained in this press release are sorted according to the following rules: (i) grouped by artists and bands: and (ii)in alphabetical order by full names.

About Tencent Music Entertainment

Tencent Music Entertainment Group (NYSE: TME and HKEX: 1698) is the leading online music and audio entertainment platform in China, operating the country’s highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME’s mission is to create endless possibilities with music and technology. TME’s platform comprises online music, online audio, online karaoke, music-centric live streaming and online concert services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor Relations Contact

Tencent Music Entertainment Group
ir@tencentmusic.com
+86 (755) 8601-3388 ext. 818415

 

 

TENCENT MUSIC ENTERTAINMENT GROUP

CONSOLIDATED INCOME STATEMENTS

Three Months Ended September 30

Nine Months Ended September 30

2023

2024

2023

2024

 RMB 

 RMB 

 US$ 

 RMB 

 RMB 

 US$ 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

(in millions, except per share data)

(in millions, except per share data)

Revenues

Online music services

4,553

5,480

781

12,303

15,911

2,267

Social entertainment services and others

2,016

1,535

219

8,556

5,032

717

6,569

7,015

1,000

20,859

20,943

2,984

Cost of revenues

(4,227)

(4,024)

(573)

(13,705)

(12,171)

(1,734)

Gross profit

2,342

2,991

426

7,154

8,772

1,250

Selling and marketing expenses

(219)

(220)

(31)

(642)

(617)

(88)

General and administrative expenses

(1,049)

(998)

(142)

(3,110)

(2,885)

(411)

Total operating expenses

(1,268)

(1,218)

(174)

(3,752)

(3,502)

(499)

Interest income 

273

299

43

775

881

126

Other gains, net

78

72

10

168

150

21

Operating profit

1,425

2,144

306

4,345

6,301

898

Share of net profit of investments accounted
for using equity method

49

29

4

107

65

9

Finance cost

(35)

(97)

(14)

(111)

(153)

(22)

Profit before income tax

1,439

2,076

296

4,341

6,213

885

Income tax expense

(176)

(367)

(52)

(530)

(1,180)

(168)

Profit for the period

1,263

1,709

244

3,811

5,033

717

Attributable to:

Equity holders of the Company

1,168

1,583

226

3,614

4,687

668

Non-controlling interests

95

126

18

197

346

49

Earnings per share for Class A and Class B
ordinary shares

Basic

0.37

0.51

0.07

1.16

1.52

0.22

Diluted

0.37

0.50

0.07

1.14

1.50

0.21

Earnings per ADS (2 Class A shares equal to 1 ADS)

Basic

0.75

1.02

0.15

2.31

3.04

0.43

Diluted

0.74

1.01

0.14

2.28

2.99

0.43

Shares used in earnings per Class A and Class B
ordinary share computation:

Basic

3,134,975,498

3,092,300,590

3,092,300,590

3,127,809,736

3,087,337,746

3,087,337,746

Diluted

3,173,371,472

3,134,713,201

3,134,713,201

3,172,090,075

3,132,654,290

3,132,654,290

ADS used in earnings per ADS computation

Basic

1,567,487,749

1,546,150,295

1,546,150,295

1,563,904,868

1,543,668,873

1,543,668,873

Diluted

1,586,685,736

1,567,356,601

1,567,356,601

1,586,045,038

1,566,327,145

1,566,327,145

 

 

 

TENCENT MUSIC ENTERTAINMENT GROUP

UNAUDITED NON-IFRS FINANCIAL MEASURE

Three Months Ended September 30

Nine Months Ended September 30

2023

2024

2023

2024

 RMB 

 RMB 

 US$ 

 RMB 

 RMB 

 US$ 

 Unaudited  

 Unaudited  

 Unaudited  

 Unaudited  

 Unaudited  

 Unaudited  

(in millions, except per share data)

(in millions, except per share data)

Profit for the period

1,263

1,709

244

3,811

5,033

717

Adjustments:

Amortization of intangible and other assets arising from
business acquisitions or combinations*

101

109

16

334

330

47

Share-based compensation

185

168

24

553

525

75

(Gains)/losses from investments**

(3)

(30)

16

2

Income tax effects***

(43)

(46)

(7)

(123)

(167)

(24)

Non-IFRS Net Profit

1,503

1,940

276

4,545

5,737

818

Attributable to:

Equity holders of the Company

1,408

1,814

258

4,348

5,391

768

Non-controlling interests

95

126

18

197

346

49

Earnings per share for Class A and Class B
ordinary shares

Basic

0.45

0.59

0.08

1.39

1.75

0.25

Diluted

0.44

0.58

0.08

1.37

1.72

0.25

Earnings per ADS (2 Class A shares equal to 1 ADS)

Basic

0.90

1.17

0.17

2.78

3.49

0.50

Diluted

0.89

1.16

0.16

2.74

3.44

0.49

Shares used in earnings per Class A and Class B
ordinary share computation:

Basic

3,134,975,498

3,092,300,590

3,092,300,590

3,127,809,736

3,087,337,746

3,087,337,746

Diluted

3,173,371,472

3,134,713,201

3,134,713,201

3,172,090,075

3,132,654,290

3,132,654,290

ADS used in earnings per ADS computation

Basic

1,567,487,749

1,546,150,295

1,546,150,295

1,563,904,868

1,543,668,873

1,543,668,873

Diluted

1,586,685,736

1,567,356,601

1,567,356,601

1,586,045,038

1,566,327,145

1,566,327,145

* Represents the amortization of identifiable assets, including intangible assets such as domain name, trademark, copyrights, supplier resources, corporate customer relationships and non-compete
 agreement etc., and fair value adjustment on music content (i.e., signed contracts obtained for the rights to access to the music contents for which the amount was amortized over the contract period),
resulting from business acquisitions or combination.

** Including the net gains/losses on deemed disposals/disposals of investments, fair value changes arising from investments, impairment provision of investments and other expenses in relation to
equity transactions of investments.

*** Represents the income tax effects of Non-IFRS adjustments.

 

 

 

TENCENT MUSIC ENTERTAINMENT GROUP

CONSOLIDATED BALANCE SHEETS

As at December 31, 2023

As at September 30, 2024

 RMB 

 RMB 

 US$ 

 Audited 

 Unaudited 

 Unaudited 

(in millions)

ASSETS

Non-current assets

Property, plant and equipment

490

704

100

Land use rights

2,437

2,382

339

Right-of-use assets

367

312

44

Intangible assets

2,032

1,996

284

Goodwill

19,542

19,647

2,800

Investments accounted for using equity method 

4,274

4,571

651

Financial assets at fair value through other comprehensive income 

6,540

11,777

1,678

Other investments

307

327

47

Prepayments, deposits and other assets

540

454

65

Deferred tax assets

352

388

55

Term deposits

8,719

7,529

1,073

45,600

50,087

7,137

Current assets

Inventories

8

18

3

Accounts receivable

2,918

2,935

418

Prepayments, deposits and other assets

3,438

3,000

427

Other investments

37

48

7

Term deposits

9,937

18,306

2,609

Restricted Cash 

31

10

1

Cash and cash equivalents

13,567

10,209

1,455

29,936

34,526

4,920

Total assets

75,536

84,613

12,057

EQUITY

Equity attributable to equity holders of the Company

Share capital

2

2

0

Additional paid-in capital

36,576

36,702

5,230

Shares held for share award schemes

(302)

(514)

(73)

Treasury shares 

(6,996)

(7,538)

(1,074)

Other reserves

9,658

16,727

2,384

Retained earnings

16,969

18,106

2,580

55,907

63,485

9,047

Non-controlling interests

1,295

1,744

249

Total equity

57,202

65,229

9,295

LIABILITIES

Non-current liabilities

Notes payables

5,636

3,481

496

Deferred tax liabilities

239

234

33

Lease liabilities

297

235

33

Deferred revenue 

148

163

23

6,320

4,113

586

Current liabilities

Accounts payable 

5,006

6,523

930

Other payables and other liabilities

3,472

2,786

397

Notes payables

2,099

299

Current tax liabilities

567

823

117

Lease liabilities

115

109

16

Deferred revenue

2,854

2,931

418

12,014

15,271

2,176

Total liabilities

18,334

19,384

2,762

Total equity and liabilities

75,536

84,613

12,057

 

 

 

TENCENT MUSIC ENTERTAINMENT GROUP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended September 30

Nine Months Ended September 30

2023

2024

2023

2024

 RMB 

 RMB 

 US$ 

 RMB 

 RMB 

 US$ 

 Unaudited  

 Unaudited  

 Unaudited  

 Unaudited 

 Unaudited 

 Unaudited 

(in millions)

(in millions)

Net cash provided by operating activities 

1,441

2,165

309

5,360

7,795

1,111

Net cash used in investing activities 

(1,142)

(3,337)

(476)

(1,670)

(8,142)

(1,160)

Net cash used in financing activities

(849)

(882)

(126)

(962)

(3,015)

(430)

Net (decrease)/increase in cash and cash equivalents 

(550)

(2,054)

(293)

2,728

(3,362)

(479)

Cash and cash equivalents at beginning of the period

12,950

12,251

1,746

9,555

13,567

1,933

Exchange differences on cash and cash equivalents

(19)

12

2

98

4

1

Cash and cash equivalents at end of the period

12,381

10,209

1,455

12,381

10,209

1,455

 

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SOURCE Tencent Music Entertainment Group

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This release has been updated to include new information provided by TrendAI. The complete, corrected release follows, with additional details at the end:

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The work extends to TrendAI Threat Research, where frontier AI models are combined with our proprietary frontier intelligence engine and human expertise to generate pre-disclosure intelligence. Those insights power TrendAI Vision One™, delivering stronger detection, deeper forensic insights, and proactive protection through virtual patching.

Rachel Jin, Chief Platform and Business Officer, Head of TrendAI™:
“With Claude Opus 5, TrendAI can move from vulnerability intelligence to action faster than ever, prioritizing what matters most by exploitability and business impact. Finding the vulnerability was always the hard part. Now the challenge is protecting organizations faster than software can be permanently patched, and frontier reasoning is what changes that equation, extending all the way to virtual patching that protects customers before a vendor fix ships. This is what it means to secure the AI age, fearlessly.”

These capabilities support TrendAI Vision One™ in helping security analysts, AppSec teams, and SOC teams prioritize exposure, map attack paths, and accelerate mitigation, including virtual patching, across hybrid environments, moving vulnerability management from a static scanning process into a faster, context-aware risk mitigation workflow.

About TrendAI™
TrendAI™, the global AI security leader and enterprise business unit of Trend Micro, empowers organizations with full AI visibility and consolidated security that inspires confidence, drives innovation, and eliminates risk. Trusted by the largest enterprises and governments across 185 countries, TrendAI™ secures the entire organization, from identities, to infrastructure, to data. Global Fortune 500 companies rely on TrendAI™ to cut risk and stop threats up to three months earlier, powered by world-leading threat and attack intelligence. Through deep ecosystem partnerships with market leaders like NVIDIA, Anthropic, AWS, Google, and Microsoft, TrendAI™ empowers your organization to securely drive forward at the speed of AI. AI Fearlessly. Learn more: trendaisecurity.com

About Anthropic
Anthropic is an AI safety and research company dedicated to building reliable, interpretable, and steerable AI systems. Its Claude family of models, including Claude Opus 5, enables advanced capabilities across a wide range of applications, including code understanding and security analysis.

Update: The latest version of this release includes additional statements from TrendAI related to the original announcement.

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Ralph Ye on 10 Years of Entrepreneurship at CASEKOO: Less Identity Shift, More Habits That Endure

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NEW YORK, July 24, 2026 /PRNewswire/ — As CASEKOO approaches its 10th anniversary, founder Ralph Ye says the company’s biggest achievement isn’t measured by units sold, but by how its philosophy has evolved.

Ten years ago, Ye found himself frustrated by a simple problem: his phone wouldn’t stand upright on a fast-food table. Instead of accepting the inconvenience, he saw an opportunity to rethink what a phone case could do.

Today, CASEKOO has sold more than 20 million phone cases across 32 countries. Over the past decade, the company has evolved from creating protective accessories into designing products that fit naturally into everyday life.

“Innovation isn’t about changing identities,” Ye said. “It’s about making meaningful habits easier to keep.”

From Q Line to LinKOO

The evolution of CASEKOO’s product portfolio reflects a broader shift in the company’s design philosophy.

The journey began with the Q Line (Quality Line), a collection of crystal-clear phone cases engineered to deliver premium protection without compromising aesthetics. In 2021, CASEKOO introduced the E Line (Innovation Line), the world’s first phone case with an integrated ring stand. The product earned an iF Design Award and became an Amazon bestseller, demonstrating the market’s appetite for accessories that combined protection with everyday functionality. The X Line (Expression Line) followed, expanding the brand’s focus on personalization and expressive design.

Each product generation introduced new capabilities, but each also reinforced an important insight.

“We moved from Q Line to E Line to X Line, and every generation taught us something about what people actually need,” said Ye. “By the time we introduced The KOO series, we weren’t designing features anymore. We were designing around everyday behaviors.”

Today, the portfolio gives each rhythm a clear name: LinKOO — Link Your Way for hands-free carry, StandKOO — Elevate Your Day for hands-free viewing and grip, and X-LINE — Fit Your Vibe for expressive personalization.

It represents CASEKOO’s transition from designing accessories with added functions to creating products that support everyday habits. For the company, the future of consumer technology lies not in how many features a product offers, but in how seamlessly it integrates into the way people live.

A Philosophy Born from Everyday Life

The inspiration behind LinKOO came from one of Ye’s longest-standing habits.

For nearly two decades, he has left home every day holding his wife’s hand. One evening, while carrying his phone, keys, and wallet in his other hand, he realized how often everyday essentials compete with life’s simplest moments.

That observation inspired ClipSafe™, a foldable clasp integrated into the LinKOO series. Hidden when not in use and deployable with a single press, it allows users to carry everyday essentials without sacrificing comfort or aesthetics.

For CASEKOO, LinKOO is more than a product launch. It represents the company’s belief that technology should adapt to people—not the other way around.

“Ten years ago, we asked how to better protect a phone,” Ye said. “Today, we’re asking how to protect a moment.”

That is what designed to fit you means. That is Less Effort, More Living. And after a decade of iteration, failure, and quiet persistence, CASEKOO has finally arrived—not at an answer, but at a better question.

About CASEKOO

CASEKOO is a design-led lifestyle accessories brand built around a simple idea: freeing your hands in everyday life. Through thoughtful hands-free solutions, we help people move seamlessly between different moments of the day—from active, on-the-go moments to times of focus and connection.

What makes CASEKOO different from a regular phone case? We believe technology should support life, not interrupt it. By designing products that adapt naturally to how people live, work, and move, CASEKOO reduces everyday friction and creates a more effortless experience—making room for freedom, connection, and the moments that truly matter.

For more information, visit: casekoo.com.

Contact:
Charlotte Yu
brandteam@casekoo.com 

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Paramount Skydance Corporation Announces Extension of Expiration Dates of Previously Announced Exchange Offers and Tender Offers

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LOS ANGELES and NEW YORK, July 24, 2026 /PRNewswire/ — Paramount Skydance Corporation (NASDAQ: PSKY) (“Paramount”) today announced the extension of the Expiration Dates 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 Paramount.

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 August 7, 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 third quarter of 2026. Paramount 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 Paramount 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 Paramount on June 12, 2026, June 26, 2026, July 13, 2026, and July 17, 2026.

As of 5:00 p.m., New York City time, on July 23, 2026, approximately 66.17% and 76.38% 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 Paramount previously announced that it anticipates extending the Offers to align with the closing date of the Acquisition, Paramount 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.

Type of Offer

Offer Notes to be Tendered
or Exchanged, as
Applicable

Issuer of Offer Notes

CUSIP No. / Common Code 
/ ISIN Eligible to
Participate in the Offers (1)

Aggregate Principal
Amount of Offer Notes
Eligible to Participate in the
Offers (2)

Tender Offer

3.950% Senior Notes due 2028

DCL Issuer

25470D CP2

US25470DCP24

$1,234,458,000

Exchange Offer

4.125% Senior Notes due 2029

DCL Issuer

25470D CQ0

US25470DCQ07

$655,825,000

Exchange Offer

3.625% Senior Notes due 2030

DCL Issuer

25470D CR8

US25470DCR89

$914,183,000

Exchange Offer

5.000% Senior Notes due 2037

DCL Issuer

25470D CS6

US25470DCS62

$453,281,000

Exchange Offer

6.350% Senior Notes due 2040

DCL Issuer

25470D CT4

US25470DCT46

$438,102,000

Exchange Offer

4.950% Senior Notes due 2042

DCL Issuer

25470D CU1

US25470DCU19

$130,366,000

Exchange Offer

4.875% Senior Notes due 2043

DCL Issuer

25470D V91 CV9US25470DC

$141,584,000

Exchange Offer

5.200% Senior Notes due 2047

DCL Issuer

25470D W74 CW7US25470DC

$3,161,000

Exchange Offer

5.300% Senior Notes due 2049

DCL Issuer

25470D X57 CX5US25470DC

$247,860,000

Tender Offer

3.755% Senior Notes due 2027

DGH Issuer

254948 AH5

US254948AH58

254948 AN2

US254948AN27

U25483 AA3

USU25483AA38

$1,189,336,000

Exchange Offer

4.054% Senior Notes due 2029

DGH Issuer

254948 AJ1

US254948AJ15

254948 AP7

US254948AP74

U25483 AB1

USU25483AB11

$1,353,828,000

Exchange Offer

4.279% Senior Notes due 2032

DGH Issuer

254948 AK8

US254948AK87

254948 AQ5

US254948AQ57

$2,691,764,000

Exchange Offer

5.050% Senior Notes due 2042

DGH Issuer

254948 AL6

US254948AL60

254948 AR3

US254948AR31

U25483 AD7

USU25483AD76

$4,104,687,000

Exchange Offer

5.141% Senior Notes due 2052

DGH Issuer

254948 AM4

US254948AM44

254948 AS1

US254948AS14

$949,883,000

Exchange Offer

4.302% Senior Notes due 2030

DGH Issuer

XS3393993285

339399328

€234,382,000

Exchange Offer

4.693% Senior Notes due 2033

DGH Issuer

XS3393994507

339399450

€316,641,000

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.

The Exchange Offers are being made pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations of the Securities and Exchange Commission (the “SEC”) promulgated thereunder, and are also not being registered under any state or foreign securities laws. Any securities offered pursuant to the Exchange Offers may not be offered or sold in the United States or to any U.S. persons (as defined below) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Exchange Offers will only be made, and the securities offered pursuant to the Exchange Offers are only being offered and issued, to holders of applicable Existing Exchange Offer Notes who are (a) reasonably believed to be “qualified institutional buyers” as defined in Rule 144A under the Securities Act or (b) not “U.S. persons,” as defined in Rule 902 of Regulation S under the Securities Act (such holders, “Eligible Holders”), and only Eligible Holders who have completed and returned the eligibility certification are authorized to receive or review the Offering Memorandum or to participate in the Exchange Offers. The eligibility certification is available electronically at: https://gbsc-usa.com/eligibility/paramount.

General

Each Offer is a separate offer, and each may be individually consummated, amended, extended, terminated, or withdrawn, subject to certain conditions and applicable law, at any time in Paramount’s sole discretion, and without also consummating, amending, extending, terminating, or withdrawing any other Offer with respect to any other series of Offer Notes. Paramount may terminate an Offer if any of the conditions of such Offer described in the Offer to Purchase or Offering Memorandum, as applicable, are not satisfied or waived by the applicable Expiration Date, subject to applicable law. In addition, Paramount may waive the conditions to an Offer without extending such Offer in accordance with applicable law.

The Offers are being made solely by Paramount and are not being made by WBD or the WBD Issuers. None of Paramount, WBD, the WBD Issuers, the Dealer Managers, the Exchange Agent (as defined below), the Information Agent (as defined below), the trustees under each of the indentures governing the Offer Notes, the trustee or collateral agent under the indenture that will govern the notes to be issued in the Exchange Offers, or any affiliate of any of them makes any recommendation as to whether any holder of Offer Notes should tender or refrain from tendering all or any portion of the principal amount of such holder’s Offer Notes for cash or notes to be issued in the Exchange Offers. No one has been authorized by any of them to make such a recommendation. Holders must make their own decision whether to tender Offer Notes in any Offer and, if so, the amount of Offer Notes to tender.

Only Eligible Holders may receive a copy of the Offering Memorandum and participate in the Exchange Offers. Paramount has engaged Global Bondholder Services Corporation to act as the exchange agent (in such capacity, the “Exchange Agent”) and information agent (in such capacity, the “Information Agent”) for the Offers. Questions concerning the Offers, or requests for additional copies of the Offer to Purchase or Offering Memorandum or other related documents, may be directed to Corporate Actions by telephone at (855) 654-2014 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or by email at contact@gbsc-usa.com. Holders should also consult their broker, dealer, commercial bank, trust company or other institution for assistance concerning the Offers. The Exchange Offer documents and the Tender Offer documents can be accessed at the following link: https://gbsc-usa.com/paramount.

Paramount has engaged BofA Securities and Citigroup as dealer managers (in such capacity, the “Dealer Managers”) for the Offers. Holders with questions regarding the Offers should contact BofA Securities, Inc. at +1 (888) 292-0070 (toll-free) or +1 (980) 388-3646 (collect) or debt_advisory@bofa.com or Citigroup Global Markets Inc. at +1 (800) 558-3745 (toll-free) or +1 (212) 723-6106 or ny.liabilitymanagement@citi.com. Latham & Watkins LLP is serving as legal counsel to Paramount and Cahill Gordon & Reindel LLP is serving as legal counsel to the Dealer Managers.

This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security, and does not constitute an offer, solicitation, or sale of any security in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

About Paramount, a Skydance Corporation

Paramount, a Skydance Corporation is a next-generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. PSKY’s portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance Animation, Film, Television, Interactive/Games, and Paramount Sports Entertainment.

PSKY-IR

Cautionary Note Concerning Forward-Looking Statements

This communication contains “forward-looking statements” regarding the Acquisition and the other transactions referred to herein. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Paramount. Risks and uncertainties include, but are not limited to: the risk that the closing conditions for the Acquisition will not be satisfied, including the risk that clearances under applicable antitrust or regulatory laws will not be obtained or will be obtained subject to conditions that are not anticipated; the possibility that the transactions described herein will not be completed in the expected timeframe or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the Acquisition; potential adverse effects to the businesses of Paramount or WBD during the pendency of the Acquisition, such as employee departures or distraction of management from business operations; negative effects of the announcement or the consummation of the Acquisition on the market price of WBD or Paramount stock; the risk of stockholder litigation relating to the Acquisition, including resulting expense or delay; the potential that the expected benefits and opportunities of the Acquisition, if completed, may not be realized or may take longer to realize than expected; risks related to the streaming business of the post-Acquisition combined business (the “Combined Company”); the adverse impact on the Combined Company’s advertising revenues as a result of changes in consumer behavior, advertising market conditions, and deficiencies in audience measurement; risks related to operating in highly competitive and dynamic industries; the unpredictable nature of consumer behavior, as well as evolving technologies and distribution models; risks related to the Combined Company’s decision to invest in new businesses, products, services, and technologies, and the evolution of the Combined Company’s business strategy; the potential for loss of carriage or other reduction in, or the impact of negotiations for, the distribution of the Combined Company’s content; damage to the Combined Company’s reputation or brands; losses due to asset impairment charges for goodwill, content and long-lived assets, including finite-lived intangible assets; liabilities related to discontinued operations and former businesses; increasing scrutiny of, and evolving expectations for, sustainability initiatives; evolving business continuity, cybersecurity, privacy and data protection and similar risks; challenges in protecting and maintaining the Combined Company’s intellectual property rights; domestic and global political, economic and regulatory factors affecting the Combined Company’s business generally or the Acquisition; the inability to hire or retain key employees or secure creative talent; disruptions to the Combined Company’s operations as a result of labor disputes; risks and costs associated with the integration of, and Paramount’s ability to integrate, the businesses of Paramount Global, Skydance Media, LLC, and WBD successfully and to achieve anticipated synergies, including in the amounts or on the timelines anticipated to realize such synergies; litigation related to the Acquisition and other matters or transactions; risks associated with the Combined Company’s holding company structure, including its dependence on distributions from its subsidiaries to meet tax obligations and other cash requirements; risks related to our indebtedness, including our substantial outstanding debt obligations, our ability to incur substantially more debt and our ability to meet the financial and other covenants contained in the agreements governing the indebtedness of Paramount, WBD, or the Combined Company. A further list and description of these risks, uncertainties and other factors and the general risks associated with the respective businesses of Paramount and WBD can be found in Paramount’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 25, 2026, including in the sections captioned “Cautionary Note Concerning Forward-Looking Statements” and “Item 1A. Risk Factors,” Paramount’s most recently filed Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 4, 2026, including in the sections captioned “Cautionary Note Concerning Forward-Looking Statements” and “Item 1A. Risk Factors,” and Paramount’s subsequent filings with the SEC, and in WBD’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 27, 2026, including in the section captioned “Item 1A. Risk Factors,” WBD’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 6, 2026, and WBD’s subsequent filings with the SEC. Neither Paramount nor WBD undertakes to update any forward-looking statement as a result of new information or future events or developments, except as required by law.

 

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