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First International Bank of Israel Reports Financial Results for the Fourth Quarter and Full Year of 2024

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Reflects continued growth and strong profitability while maintaining financial stability

TEL AVIV, Israel, March 12, 2025 /PRNewswire/ — First International Bank of Israel (TASE: FIBI) one of Israel’s major banking groups, today announced its results for the fourth quarter of the year.

Financial Highlights

Net income of NIS 2,371  million in the year 2024; Return on equity 19%;Net income of NIS 573 million in the fourth quarter of 2024; Return on equity 17.4%Net credit to the public grew by 10% in 2024 and by 3.7% in the fourth quarter;Deposits from the public grew by 12.4% in 2024 and by 0.9% in the fourth quarter;Customers’ assets grew by 25% in 2024 and by 5% in the fourth quarter, and reached NIS 839 billion;Equity attributed to the Bank’s shareholders amounted to NIS 13.4 billion; an increase of 11.3% compared to the end of 2023; Tier 1 shareholders’ equity ratio of 11.31%;The Bank’s Board of Directors decided on the distribution of a dividend amounting to NIS 228 million, representing a return of 40% of the net income;

Financial Results of the Fourth Quarter and Full Year 2024

The First International Group’s net income amounted to NIS 2,371 million in 2024, an increase of 9.2% compared with that of the previous year. The return on equity reached 19%.

In the fourth quarter of the year, the net income amounted to NIS 573 million, an increase of 14.8% over that of the previous year. The return on equity was 17.4%.

Credit to the public, net, amounted to NIS 129.4 billion, an increase of 10% in 2024 and an increase of 3.7% in the fourth quarter.

Deposits from the public amounted to NIS 214.8 billion, an increase of 12.4% in 2024 and 0.9% in the fourth quarter. The customers’ assets portfolio increased by 25% in comparison with that of the previous year and by 5% in the fourth quarter of 2024, and amounted to NIS 839 billion.

Equity attributed to the Bank’s shareholders increased to NIS 13.4 billion, an increase of 11.3% by comparison with the end of 2023. The tier 1 shareholders’ equity ratio increased to 11.31%, 2.1 percentage points above the required regulatory amount. The liquidity coverage ratio remained high and stood at 165%.

Considering the directives of the Supervisor of Banks regarding Capital Planning and Profits Distribution Policy, the Bank’s Board of Directors approved the distribution of a cash dividend to shareholders amounting to NIS 228 million, representing 40% of net income. The Board of Directors will continue to consider the implementation of the Bank’s dividend distribution policy, according to which the bank will distribute up to 50% of its net profit each year, in light of ongoing developments and impacts on the economy and the Bank.

Income for credit losses amounted to NIS 16 million in 2024, compared with expenses of NIS 502 million in 2023. The expenses for credit losses were NIS 35 million in the fourth quarter of the year, of which the collective expense was NIS 41 million. The percentage of the expense to the average balance of credit to the public was 0.11%.

In terms of the qualitative credit portfolio, the non-performing loan (NPL) ratio (the balance of non-accrual debts or debts that are in arrears of 90 days or more, out of the balance of the credit to the public) declined, and reached 0.53% at the end of the fourth quarter, as compared to 0.6% at the end of 2023. The ratio is an indication of the quality of the credit portfolio.

Operating and other expenses amounted to NIS 2,977 million in 2024, an increase of 3.5% over 2023 and was primarily due to an improved efficiencies as well as the impact of inflation. The 2024 efficiency ratio stood at 44.1%.

Management Comment

Eli Cohen, First International Bank Israel’s Chief Executive Officer, commented, “2024 presented many challenges for us, amid ongoing uncertainty. The Swords of Iron War negatively affected hundreds of thousands of Israelis, both directly and indirectly, and the Bank’s staff and managers remained fully committed to providing optimal customer service throughout the period. Together with a series of benefits and reliefs for First International Bank’s customers, we continued to support Israel’s security forces and to society in general. This is primarily through an initiative we launched in the early days of the war, and which continues today. As part of this initiative, we stand by and supports the brave members of Kibbutz Nir Oz, who have suffered devasting losses in the attack.”

“I am proud and grateful to the thousands of First International Bank’s staff members, for their devotion during this period of war, for their motivation, their determination and their dedicated service they continue to provide our customers.”

“Today, we published the Bank’s financial results for 2024. Despite the significant challenges, the results reflect resilience and growth. This year, we have seen strong momentum in our core operations and strategic focus areas, with the credit portfolio growing by 10% and customer assets increasing by 25%. We have achieved growth through our activity with new customers and the continued expansion in our activity with existing customers, reinforcing our position as the leading bank in the capital markets sector. “

“The Bank’s results are also marked through a high level of financial stability, reflected in the quality of the credit portfolio, as well as the high capital and liquidity ratios. This stability is of considerable importance in the current period of economic uncertainty.”

“We are continuing to improve our value proposition to customers, by providing both a personalized service and also through our digital capabilities. The First International Bank’s customers are the first who can benefit from FibiWise, an innovative system we developed, that provides customers with a comprehensive financial view of their various accounts across all banks and financial institutions. Additionally, we also recently launched a preloaded wallet called Beyond, which, for the first time in the Israeli banking system, enables its holders to benefit from significant fixed benefits on their purchases.”

“I hope and pray that we will achieve calm in the security situation on the various fronts, for the safe return of the residents of the North and the South and for the return of all the hostages. I send my wishes for a speedy and full recovery to all the wounded and share my deepest condolences to the bereaved families.”

CONDENSED PRINCIPAL FINANCIAL INFORMATION AND PRINCIPAL EXECUTION INDICES

Principal financial ratios

2024

2023

2022

2021

2020

percent

Execution indices

Return on equity attributed to shareholders of the Bank

19.0

19.7

16.6

14.7

8.6

Return on average assets

1.02

1.06

0.89

0.82

0.49

Ratio of equity capital tier 1

11.31

11.35

10.42

11.46

11.18

Leverage ratio

5.18

5.26

5.19

5.34

5.29

Liquidity coverage ratio(1)

165

156

127

128

150

Net stable funding ratio(2)

140

146

133

139

Ratio of total income to average assets

2.9

3.2

2.9

2.6

2.7

Ratio of interest income, net to average assets

2.0

2.4

2.0

1.6

1.7

Ratio of fees to average assets

0.7

0.7

0.8

0.8

0.9

Efficiency ratio

44.1

43.5

50.9

58.3

61.8

Credit quality indices

Ratio of provision for credit losses to credit to the public

1.25

1.36

1.02

1.05

1.38

Ratio of total provision for credit losses (3) to credit to the public

1.38

1.50

1.12

1.13

1.48

Ratio of non-accruing debts or in arrears of 90 days or more to credit to the public

0.53

0.60

0.48

**0.63

0.86

Ratio of provision for credit losses to total non-accruing credit to the public

244.6

234.5

219.7

**244.0

221.3

Ratio of net write-offs to average total credit to the public

(0.04)

0.03

0.03

(0.01)

0.10

Ratio of expenses (income) for credit losses to average total credit to the public

(0.01)

0.42

0.11

(0.23)

0.52

Principal data from the statement of income

2024

2023

2022

2021

2020

NIS million

Net profit attributed to shareholders of the Bank

2,371

2,172

1,667

1,405

750

Interest Income, net

4,740

4,966

3,803

2,794

2,637

Expenses (income) from credit losses

(16)

502

123

(216)

464

Total non-interest income

2,006

1,652

1,611

1,756

1,523

   Of which:  Fees

1,553

1,502

1,489

1,444

1,371

Total operating and other expenses

2,977

2,877

2,755

2,652

2,569

   Of which:  Salaries and related expenses

1,739

*1,766

*1,700

*1,621

*1,552

Primary net profit per share of NIS 0.05 par value (NIS)

23.63

21.65

16.62

14.00

7.48

Principal data from the balance sheet

2024

2023

2022

2021

2020

NIS million

Total assets

248,563

221,593

195,955

180,470

167,778

 of which: Cash and deposits with banks

77,175

68,866

57,130

57,370

57,802

                       Securities

34,396

26,985

16,010

15,091

13,105

                       Credit to the public, net

129,416

117,622

115,961

101,164

90,970

Total liabilities

234,479

208,947

184,920

170,033

158,243

   of which:   Deposits from the public

214,755

191,125

168,269

153,447

141,677

                       Deposits from banks

2,508

4,314

4,821

5,144

2,992

                       Bonds and subordinated capital notes

4,479

4,767

4,749

3,356

4,394

Capital attributed to the shareholders of the Bank

13,430

12,071

10,559

10,003

9,141

Additional data

2024

2023

2022

2021

2020

Share price (0.01 NIS)

17,940

14,990

13,900

12,950

8,514

Dividend per share (0.01 NIS)

986

795

942

543

125

Average number of positions (4)

3,555

3,634

3,676

3,715

3,895

*       Reclassified.

**     Restated in respect of the new disclosure format on non-accruing debts instead of impaired debts, since January 1, 2022. Comparative data for 2020 have not been restated.

(1)     The ratio is computed in respect of the three months ended at the end of the reporting period.

(2)    According to instructions of the Bank of Israel the Net stable funding ratio was calculated since 2021. Therefor no comparative data is stated.

(3)     Including provision in respect of off-balance sheet credit instruments.

(4)   The number of positions includes conversion of overtime in terms of positions.

 

STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31
(NIS million)

Consolidated

The Bank

2024

2023

2022

2024

2023

2022

Interest Income

11,097

9,850

5,161

10,506

9,317

4,833

Interest Expenses

6,357

4,884

1,358

6,251

4,801

1,339

Interest Income, net

4,740

4,966

3,803

4,255

4,516

3,494

Expenses (income) from credit losses

(16)

502

123

(23)

484

118

Net Interest Income after expenses from credit losses

4,756

4,464

3,680

4,278

4,032

3,376

Non-Interest Income

Non-Interest Financing income

432

142

113

432

161

111

Fees

1,553

1,502

1,489

1,387

1,348

1,331

Other income

21

8

9

78

62

66

Total non-Interest income

2,006

1,652

1,611

1,897

1,571

1,508

Operating and other expenses

Salaries and related expenses

1,739

*1,766

*1,700

1,620

*1,644

*1,582

Maintenance and depreciation of premises and equipment

359

*321

*312

334

*297

*288

Amortizations and impairment of intangible assets

134

122

113

133

120

111

Other expenses

745

668

630

717

642

604

Total operating and other expenses

2,977

2,877

2,755

2,804

2,703

2,585

Profit before taxes

3,785

3,239

2,536

3,371

2,900

2,299

Provision for taxes on profit

1,383

1,090

884

1,228

973

801

Profit after taxes

2,402

2,149

1,652

2,143

1,927

1,498

The bank’s share in profit of equity-basis investee, after taxes

74

113

74

228

245

169

Net profit:

Before attribution to non-controlling interests

2,476

2,262

1,726

2,371

2,172

1,667

Attributed to non-controlling interests

(105)

(90)

(59)

Attributed to shareholders of the Bank

2,371

2,172

1,667

2,371

2,172

1,667

Consolidated and The Bank

2024

2023

2022

Primary profit per share attributed to the shareholders of the Bank

NIS

Net profit per share of NIS 0.05 par value

23.63

21.65

16.62

*       Reclassified.

 

Tel-Aviv, March 11, 2025

 

 

STATEMENT OF COMPREHENSIVE INCOME 
FOR THE YEAR ENDED DECEMBER 31

(NIS million)

Consolidated

2024

2023

2022

Net profit before attribution to non-controlling interests

2,476

2,262

1,726

Net profit attributed to non-controlling interests

(105)

(90)

(59)

Net profit attributed to the shareholders of the Bank

2,371

2,172

1,667

Other comprehensive income (loss) before taxes:

Adjustments of available for sale bonds to fair value, net

31

213

(441)

Adjustments of liabilities in respect of employee benefits(1)

(60)

25

235

Other comprehensive income (loss) before taxes

(29)

238

(206)

Related tax effect

9

(81)

71

Other comprehensive income (loss) before attribution to non-controlling interests, after taxes

(20)

157

(135)

Less other comprehensive income (loss) attributed to non-controlling interests

3

9

(13)

Other comprehensive income (loss) attributed to the shareholders of the Bank, after taxes

(23)

148

(122)

Comprehensive income before attribution to non-controlling interests

2,456

2,419

1,591

Comprehensive income attributed to non-controlling interests

(108)

(99)

(46)

Comprehensive income attributed to the shareholders of the Bank

2,348

2,320

1,545

(1)   Mostly reflects adjustments in respect of actuarial assessments as of the end of the period regarding defined benefits pension plans, of
amounts recorded in the past in other comprehensive profit.

 

 

BALANCE SHEET AS AT DECEMBER 31
(NIS million)

Consolidated

The Bank

2024

2023

2024

2023

Assets

Cash and deposits with banks

77,175

68,866

76,194

67,472

Securities

34,396

26,985

31,996

25,940

Securities which were borrowed

70

57

70

57

Credit to the public

131,050

119,240

124,573

113,118

Provision for Credit losses

(1,634)

(1,618)

(1,533)

(1,520)

Credit to the public, net

129,416

117,622

123,040

111,598

Credit to the government

1,496

1,055

789

369

Investment in equity-basis investees

842

786

1,826

1,642

Premises and equipment

867

877

847

855

Intangible assets

363

328

360

324

Assets in respect of derivative instruments

2,565

3,651

2,565

3,651

Other assets(2)

1,373

1,366

1,290

1,293

Total assets

248,563

221,593

238,977

213,201

Liabilities and Shareholders’ Equity

Deposits from the public

214,755

191,125

207,007

184,082

Deposits from banks

2,508

4,314

4,091

6,344

Deposits from the Government

2,540

750

2,540

750

Securities lent or sold under agreements to repurchase

2,304

2,304

Bonds and subordinated capital notes

4,479

4,767

2,218

2,442

Liabilities in respect of derivative instruments

2,729

3,784

2,732

3,790

Other liabilities(1)(3)

5,164

4,207

4,655

3,722

Total liabilities

234,479

208,947

225,547

201,130

Capital attributed to the shareholders of the Bank

13,430

12,071

13,430

12,071

Non-controlling interests

654

575

Total equity

14,084

12,646

13,430

12,071

Total liabilities and shareholders’ equity

248,563

221,593

238,977

213,201

(1)     Of which: provisions for credit losses in respect of off-balance sheet credit instruments in the amount of NIS 177 million and NIS 165 million
(consolidated) and NIS 173 million and NIS 161 million (the Bank) as of December 31, 2024 and 2023, respectively.

(2)    Of which: other assets measured at fair value in the amount of NIS 1 million consolidated and the Bank (31.12.23 – NIS 10 million
consolidated and the Bank).

(3)     Of which: other liabilities measured at fair value in the amount of NIS 1 million consolidated and the Bank (31.12.23 – NIS 11 million
consolidated and the Bank).

 

STATEMENT OF CHANGES IN EQUITY
(NIS million)

Share capital
and premium (1)

Accumulated other
comprehensive
income (loss)

Retained
earnings(2)

Total share-
holders’
equity

Non- controlling
interests

Total equity

Balance as at January 1, 2022

927

(181)

9,213

9,959

430

10,389

Changes during 2022 –

Net profit for the year

1,667

1,667

59

1,726

Dividend

(945)

(945)

(945)

Other comprehensive loss, after tax effect

(122)

(122)

(13)

(135)

Balance as at December 31, 2022

927

(303)

9,935

10,559

476

11,035

Adjustment of the opening balance, net of tax, due to the effect of initial
implementation in investee company*

(10)

(10)

(10)

Balance as at January 1, 2023, following initial implementation

927

(303)

9,925

10,549

476

11,025

Changes during 2023 –

Net profit for the year

2,172

2,172

90

2,262

Dividend

(798)

(798)

(798)

Other comprehensive income, after tax effect

148

148

9

157

Balance as at December 31, 2023

927

(155)

11,299

12,071

575

12,646

Changes during 2024 –

Net profit for the year

2,371

2,371

105

2,476

Dividend

(989)

(989)

(29)

(1,018)

Other comprehensive income (loss), after tax effect

(23)

(23)

3

(20)

Balance as at December 31, 2024

927

(178)

12,681

13,430

654

14,084

*       Cumulative effect of the initial implementation of US accounting principles in the matter of financial instruments – credit losses (ASC-326).

(1)     Including share premium of NIS 313 million (as from 1992 onwards).

(2)    Including an amount of NIS 2,391 million which cannot be distributed as dividend.

 

Contact:
Dafna Zucker
First International Bank of Israel
zucker.d@fibi.co.il
+972-3-519-6224

 

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/U P D A T E — TrendAI/

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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:

TrendAI™ Adopts Claude Opus 5 to Advance Vulnerability Prioritization and Virtual Patching

As a participant in Anthropic’s Cyber Verification Program, TrendAI applies frontier reasoning to convert vulnerability intelligence into faster protection across hybrid environments

DALLAS, July 24, 2026 /PRNewswire/ — TrendAI™, the enterprise AI security leader from Trend Micro Incorporated (TYO: 4704; TSE: 4704), today announced it is adopting Claude Opus 5, Anthropic’s latest and most capable Opus model, to help security teams convert vulnerability intelligence into immediate protection, from prioritization to virtual patching. The move builds on TrendAI’s collaboration with Anthropic on Claude Opus 4.8, extending the same defensive focus to a model that delivers step-change gains in advanced reasoning, agentic workflows, and long-horizon analysis. As AI makes finding vulnerabilities easier than ever, the harder problem becomes protecting organizations faster than software can be permanently patched, and that is where TrendAI is putting Opus 5 to work.

As a participant in Anthropic’s Cyber Verification Program, which credentials organizations for the defensive use of frontier AI models, TrendAI is positioned to apply Claude Opus 5 to defensive security as access becomes available. The model is Zero Data Retention compatible, supporting TrendAI’s governance and data-protection requirements as it scales AI across security operations.

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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SOURCE Paramount Skydance Corporation

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