On April 29, 2024, the Board of Directors (the “Board”) of Paramount Global (NASDAQ: PARA) established an Office of the CEO, consisting of the following three senior company executives: George Cheeks, President and Chief Executive Officer of CBS; Chris McCarthy, President and Chief Executive Officer, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, President and Chief Executive Officer of Paramount Pictures and Nickelodeon. The Board designated Mr. McCarthy as interim principal executive officer, effective as of May 1, 2024, for purposes of the rules and regulations of the Securities Exchange Commission. Robert M. Bakish stepped down as Paramount Global’s President and Chief Executive Officer and has resigned from the Board, in each case, effective as of the end of the day on April 30, 2024. Between May 1, 2024 and October 31, 2024, Mr. Bakish has agreed to remain employed with Paramount Global as a Senior Advisor to help ensure a seamless transition of his duties. His employment with the Company will end on October 31, 2024 and will be considered a termination without cause.

Mr. McCarthy, age 49, has been President and Chief Executive Officer, Showtime/MTV Entertainment Studios and Paramount Media Networks since October 2022, having previously served as President of Entertainment and Youth Brands for ViacomCBS Domestic Media Networks and President and Chief Executive Officer of MTV Entertainment Group. Prior to the December 2019 merger between the Company and Viacom Inc. (“Viacom”), he served in senior executive positions across Viacom, including as President of MTV, VH1, CMT and Logo, since joining as a freelancer in 2004.

Mr. Cheeks, age 59, has been President and Chief Executive Officer of CBS since joining the Company in March 2020. Prior to joining the Company, Mr. Cheeks served in senior executive positions at NBCUniversal from 2012 to 2020, including as Co-Chairman of NBC Entertainment and, most recently, Vice Chairman, NBCUniversal Content Studios. Mr. Cheeks held various senior executive positions across Viacom from 1998 to 2012.

Mr. Robbins, age 60, has been President and Chief Executive Officer of Paramount Pictures since September 2021, and President and Chief Executive Officer of Nickelodeon since July 2021, having previously served as President, Kids & Family Entertainment since the December 2019 merger between the Company and Viacom. Prior to the merger, he was Viacom’s President of Nickelodeon. Mr. Robbins began his career as a producer of television, film, and digital media and is the founder and former Chief Executive Officer of AwesomenessTV.

In connection with Mr. Bakish’s transition, Paramount Global has entered into an agreement with Mr. Bakish (the “Transition Agreement”) pursuant to which he will continue to receive his annual base salary through October 31, 2024. Under the Transition Agreement, Mr. Bakish’s employment will then be terminated and he will be entitled to receive the post-employment payments and benefits associated with an involuntary termination without cause under his employment agreement dated as of August 13, 2019.