PSKY

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Exhibit 99

1 Non-GAAP measures are detailed in the Supplemental Disclosures at the end of this letter.

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August 4, 2026

Summary Points:

•One year in, we’re proud of the great progress: including nearly doubling our theatrical slate

from 8 to 15 films in 2026 and on track to release 15+ in 2027; 40 new or returning DTC series

greenlit; and over 90 series and 800+ episodes expected from our TV studios in 2026.

•Q2 was our best quarter for retention in Paramount+'s history, powered by Dutton Ranch, UFC,

and the FIFA World Cup non-exclusively across six countries in Latin America, gaining ~2 million

new Paramount+ subscribers in the quarter to reach 81.6 million worldwide.

•Q2 film slate, led by Scary Movie, performed well, and we’re building our pipeline across

Television Studios, Paramount Animation, and Skydance Sports for both first- and third-party

distribution.

•Our focus on creative execution and efficiency at TV Media is working: CBS held seven of the

top 10 broadcast series in the most recent broadcast season, with an increase in profitability.

•We're raising our full-year 2026 outlook to a range of $3.8-$3.9 billion in adj. EBITDA (12.8%

margin) and now expect free cash flow conversion of at least 10%1.

•Our Upfront delivered double-digit growth in commitments across the company and was our

strongest since the CBS-Viacom merger, reflecting the strength of our cross-platform offering.

•We continue to prepare for our proposed combination with Warner Bros. Discovery, while

staying focused on executing our standalone strategy and delivering strong results.

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Fellow shareholders,

A year ago, we laid out our three north star priorities that would guide the new Paramount:

•Investing in our growth businesses anchored by our creative engines and superior storytelling

•Scaling our direct-to-consumer business globally

•Driving efficiency enterprise-wide with a focus on long-term free cash flow generation

Looking back on the past twelve months, I’m incredibly proud of how our team has turned those

priorities into measurable progress, reflecting their talent, hard work, and dedication.

We’ve focused on transforming the business and investing in areas where we see the biggest

opportunity for growth. Our primary focus is high-quality storytelling, and we’ve nearly doubled our

theatrical output from eight releases in 2025 to 15 in 2026, while also delivering over 90 series and a

combined 800+ episodes. Beyond 2026, we are on track to release more than 15 films in 2027,

including new and franchise titles, such as Children of Blood and Bone, featuring an all-star cast, the

fourth installment of the Sonic the Hedgehog franchise, and Teyana Taylor’s directorial debut Get Lite.

At the same time, we’ve assembled one of the strongest creative rosters in the industry, welcoming

new and returning world-class storytellers including the Duffer Brothers, Matt Stone and Trey Parker,

Jon M. Chu, Issa Rae, Liz Tigelaar, and James Mangold, with many more to come.

Of course, great storytelling comes in many forms. We’ve also expanded our leadership in live sports

through new partnerships with the UFC, Zuffa Boxing, and UEFA, complementing an already strong

portfolio that includes the NFL, WNBA, the PGA TOUR, March Madness, and more. Notably, our seven-

year UFC media rights agreement brought every UFC event to Paramount+ beginning this year and,

within just a few months, has delivered some of the platform’s biggest audiences ever. It’s a powerful

validation of what we’ve long believed: premium live sports improve engagement, strengthen

retention, and increase the value of our service for subscribers.

All of this – greater investment in storytelling, new talent and expanded sports rights – is fueling a

deeper, broader slate on Paramount+. We’ve greenlit 40 new or returning series since August 2025,

including 10+ produced externally as we broaden our offering and expand our business with third-party

studios. While we’ll continue to grow our slate, these early investments have helped grow Paramount+

from approximately 77 million subscribers before the Skydance transaction to nearly 82 million today,

while deliberately improving the quality and economics of our subscriber base through selective

strategic exits (including 3 million exits in 1H’26). At the same time, we’re making meaningful progress

on the product side, with the first phase of convergence now underway, the introduction of Clips, and

continued improvements to the experience across our streaming services.

Together, these platform and content investments are translating into stronger customer engagement

with double-digit growth in view hours in Q2. Paramount+ also delivered the best quarter of retention

in the service’s history, underscoring the strength of our strategy and the value we’re creating for

subscribers. And we’ve achieved this while expanding margins through the fir

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Exhibit 99

May 4, 2026

Summary Points:

•Q1 revenue of $7.3 billion grew 2% year-over-year, with profitability exceeding our estimates for the quarter; we are reaffirming our full-year outlook of $30 billion in revenue and $3.8 billion in adj. EBITDA1.

•DTC revenue1 grew 11% year-over-year to $2.4 billion, led by 17% growth at Paramount+, which added 0.7 million subscribers (+1.9 million, excluding the exit of international hard bundle subscribers); DTC adj. EBITDA improved to $251 million (10% margin); we continue to expect accelerating DTC revenue and profit in 2026.

•Our content slate is delivering: Landman is now Paramount+’s most-watched series ever; The Madison is Taylor Sheridan's strongest and most female-skewing series debut to date with 12.5 million global viewers in its first month; Marshals has reached over 18.5 million global viewers; and Scream 7 is the highest-grossing installment in the franchise's 30-year history.

•CBS holds 13 of the top 20 primetime series, including all four of the top new series, Marshals, Sheriff Country, CIA and Boston Blue—an achievement no broadcast network has delivered since the early 1990s.

•We are converging our streaming tech stack—on track for a mid-year launch—to deliver a more personalized, unified experience and enable continuous improvement across discovery and monetization.

•We remain on track to deliver $3 billion-plus in efficiencies through 2027, with more than $2.5 billion in run-rate efficiencies expected by the end of 2026; TV Media adj. EBITDA1 grew 11% to $1.1 billion (29% margin) in Q1 as cost discipline more than offset revenue headwinds.

•We have made significant progress toward closing our acquisition of Warner Bros. Discovery by end of Q3'26, including the syndication of a portion of the new equity to strategic investors, securing $10 billion in debt financing, syndicating the remaining $49 billion in bridge financing to 18 global financial institutions, advancing regulatory approvals, and the April 23 approval by WBD shareholders.

1 Non-GAAP measures are detailed in the Supplemental Disclosures at the end of this letter.

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Fellow shareholders,

It’s been a busy and productive start to the year with momentum across our Direct-to-Consumer, Studios, and TV Media segments driving strong Q1 results. We are pleased with the trajectory of our business as we continue to invest in key areas of growth, drive greater efficiency across the enterprise and position the company for long-term success. From day one, we set a clear objective: to transform Paramount by investing in high-quality storytelling and technology, while pursuing opportunities that will define the next era of entertainment. And we are making meaningful progress—driving strong financial results while simultaneously managing an industry-shifting transaction.

Across our three segments, Direct-to-Consumer, Studios, and TV Media, the picture is one of deliberate execution—investing in growth where the opportunity is largest and managing for margin where structural headwinds persist.

Direct-to-Consumer

On the direct-to-consumer side, we’ve had a strong start to the year, led by the second season finale of Landman and the debut of The Madison and Marshals. Landman is now the most-watched series in Paramount+ history, while The Madison delivered Taylor Sheridan’s strongest and most female-skewing series debut to date on streaming, with 12.5 million viewers globally in its first month on the service. Both hit series have been renewed for subsequent seasons. Marshals has also been a standout —premiering on CBS and launching on Paramount+ the next day, it has now reached over 18.5 million viewers globally to date, including nearly 5 million internationally. Our local originals are also gaining meaningful traction: Italia Shore Season 3 (Italy) and Canada Shore (Canada), both of which are now the platform’s top-performing reality series of all time in their respective countries.

Since August, our Direct-to-Consumer team has greenlit more than 20 new and returning series across scripted, unscripted and animation—broadening both the depth of our slate and the audiences we reach. We’ve also made meaningful progress on platform consolidation, including the successful transition of BET+ content onto Paramount+ ahead of the full service integration expected in early summer. This next step expands the reach of the stories we champion, the creators we support and the culture we represent, bringing more than 1,000 hours of iconic series, films and originals to audiences in one unified experience.

In sports, Q1 included joint CBS simulcasts of three NFL playoff games, UFC, UEFA Champions League, Europa League, and Conference League matches, and college basketball. In total, Paramount+ subscribers have access to ~14,000 hours of sports content this year.

We are especially encouraged by the strong momentum with our exclusive offering of UFC. We continue

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Exhibit 99

February 25, 2026

Summary Points:

•For 2026, we continue to expect total revenue of $30 billion, representing 4% year-over-year growth, with DTC being the primary driver, and Adj. EBITDA1 of $3.8 billion.

•DTC revenue grew 10% year-over-year in Q4, fueled by 17% growth at Paramount+, and we expect acceleration into 2026, driven by continued investment in premium storytelling, including: the UFC, Marshals, The Madison, The Agency, Star Trek: Strange New Worlds, and more; we ended the year with 79 million paid subscribers.

•Through our “Paramount One” initiative, we are activating the full strength of our platforms to amplify priority campaigns and tentpole events as demonstrated by the hugely successful launch of the UFC on Paramount+ in January.

•We are firmly on track to deliver at least $3 billion in efficiencies through 2027, with more than $2.5 billion in run-rate efficiencies expected by the end of 2026.

•We are making focused investments in technology and innovation across our streaming business to enhance our product and overall offering, recognizing that sustainable growth is driven not only by what audiences watch, but by the quality of the end-to-end user experience.

Fellow shareholders,

In August, we launched the new Paramount with three North Star priorities: 1) investing in our growth businesses anchored by our creative engines and exceptional storytelling; 2) scaling our direct-to-consumer business globally; and 3) driving efficiency enterprise-wide with a focus on long-term free cash flow generation. Over the past six months, we have made meaningful progress across each of these areas and remain confident in the path we’ve set to transform this storied company for the future.

Supercharging Our Creative Engine

As a storytelling company our mission is to entertain audiences around the world with the best films, television series, sports, news, and games. We continue to advance this mission by expanding our world-class roster of talent, strengthening our creative engines, and building a stronger slate across

1 Non-GAAP measures are detailed in the Supplemental Disclosures at the end of this letter.

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film, television, and streaming. We firmly believe that human talent and ingenuity will continue to be the driving factor in creating amazing stories, and with the innovation we’re seeing in AI today, our goal

is to provide storytellers the best tools available to help bring their ideas to life. At the same time, we’re ardent defenders of intellectual property rights, as evidenced by our prompt cease-and-desist to prevent the use of our intellectual property (IP) in the content Seedance 2.0 creates.

Our ambition is to be the home for the industry’s leading talent, both in front of and behind the camera. To that end, we have welcomed a growing roster of exceptional creatives - and we are incredibly grateful to them and all of the directors, producers, writers, editors and crew whose talent and dedication drive our success every day.

In December, we signed a first-look, three-year film and TV producing deal with Jon M. Chu, whose films include Wicked: For Good, which saw the biggest global opening ever for a movie based on a Broadway show, Crazy Rich Asians, the highest-grossing romantic comedy in nearly a decade, and many others. We signed a multi-year first-look film and TV producing deal with Issa Rae, the creator of Insecure. And most recently, Paramount Pictures signed a three-year first-look directing and producing deal with filmmaker Dan Trachtenberg, best known for the hit sci-fi thriller 10 Cloverfield Lane and for revitalizing the Predator franchise. Paramount Television Studios also signed an overall deal with Ashley Lyle and Bart Nickerson, the creative forces behind the Yellowjackets series.

Paramount’s commitment to delivering quality storytelling that will resonate with audiences worldwide and drive sustainable growth is also reflected in our increased output, with 11 films and 11 new series greenlit since August. We have 15+ films currently dated for 2026 – up from 8 releases in 2025.

Among them are: the seventh installment of the Scream franchise, premiering in theaters February 27; concert film Billie Eilish – HIT ME HARD AND SOFT – THE TOUR (LIVE IN 3D), directed by James Cameron and Eilish; Scary Movie, part of Paramount’s first-look deal with Miramax; an Untitled Jackass Film with Johnny Knoxville; PAW Patrol: The Dino Movie, the third film installment of the hit franchise; Ebenezer: A Christmas Carol starring Johnny Depp; Street Fighter, in partnership with Legendary Entertainment; the Untitled John Tuggle Project starring David Corenswet and Isabel May; and Gina Prince-Bythewood’s Children of Blood and Bone, based on the best-selling YA book series.

We will continue to build our slate into 2027 and beyond, including a new, untitled James Wan/Jason Blum/Oren Peli Paranormal Activity movie; the third installment