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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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1 year agoon
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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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SOURCE First International Bank of Israel
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24 minutes agoon
July 24, 2026By
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.
View original content:https://www.prnewswire.com/news-releases/paramount-skydance-corporation-announces-extension-of-expiration-dates-of-previously-announced-exchange-offers-and-tender-offers-302834084.html
SOURCE Paramount Skydance Corporation
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