PARAMOUNT APPOINTS PAMELA KAUFMAN TO LEAD INTERNATIONAL BUSINESS AS PRESIDENT AND CEO, INTERNATIONAL MARKETS, GLOBAL CONSUMER PRODUCTS & EXPERIENCES

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NEW YORK,July 29,2022 -- Paramount Global (NASDAQ: PARA,PARAA) today announced that Pamela Kaufman,President of Global Consumer Products and Experiences for Paramount,has been appointed President and CEO of International Markets,Global Consumer Products & Experiences,effective immediately. This newly created position reports to Bob Bakish,President and CEO of Paramount,and reflects Paramount's ongoing strategy of globalizing its operations. Raffaele Annecchino has decided to leave the company in his role as President and CEO of Paramount International Networks,Studios and Streaming.

In her expanded role,Kaufman will be responsible for driving the continued growth of Paramount's international business and ensuring the strength of the company's international operations across six continents,including broadcast and cable networks,streaming and studios,and the Company's commercial capabilities. She will work closely with Paramount's international leadership team,as well as the global content and streaming organization to do so,including helping to guide the continued international rollout of Paramount+ and Pluto TV. Kaufman will maintain her current responsibilities overseeing the global multi-billion-dollar consumer products and experiences organization.

"Pam has been the strategic force behind growing and expanding some of the most iconic global franchises and properties in entertainment," said Bakish. "She is a proven and trusted,visionary leader who has transformed our consumer products organization by driving innovation and operating as a global business. Pam is uniquely qualified to lead our international business as we expand and diversify our worldwide footprint and accelerate Paramount's transformation to operating with a truly global approach."

Bakish added,"I want to extend my thanks to Raffaele Annecchino for the critical role he has played in building Paramount's international business and expanding our global footprint. I am grateful for the dedication he has shown throughout his 25 years at Paramount and wish him well in the future."

"I am honored to take on this role at such a pivotal time for Paramount's international business," said Kaufman. "I know firsthand the global strength of our brand portfolio,and I look forward to working with Bob and the incredible International team as we continue pursuing our global growth strategy,investing in key partnerships,furthering our push into mobile and digital platforms in new markets,and operating as one team globally."

In November 2021,Kaufman assumed the role of President of Global Consumer Products and Experiences for Paramount,overseeing worldwide product and business development,marketing,franchise planning,creative strategy,retail sales and consumer insights for all brands in the portfolio. In less than a year,Kaufman has led the transformation of the consumer products business,unifying the organization by placing the full power of the Paramount ecosystem behind its most valuable IP. Her commitment to transformation,innovation and brand building has led to some of the most groundbreaking partnerships in the company's history,including cutting-edge co-branded collaborations with the biggest names in social media. Kaufman was also responsible for Viacom's first direct-to-consumer e-commerce site in 2019 – The SpongeBob Shop – and has since led the expansion to additional online direct-to-consumer business for merchandise tied to various top CBS and Showtime programming,including similar standalone initiatives for brands such as Star Trek,South Park and MTV.

Prior to being named the President of Global Consumer Products and Experiences,Kaufman served as President of Consumer Products & Chief Marketing Officer for Nickelodeon where she was responsible for building some of Nickelodeon's most memorable franchises ranging from PAW Patrol to SpongeBob SquarePants,shepherding them through important tentpole campaigns and milestone celebrations.

Before joining Nickelodeon in 1997,Kaufman held positions at Turner International,Equity Marketing and Grey Advertising. She earned her Bachelor of Arts in Public Communication from The American University in Washington D.C. and was awarded an Honorary Doctor of Humane Letters from The American University in 2019. A committed advocate for gender equality and diversity and inclusion,Kaufman serves on the board of the Rock and Roll Hall of Fame Foundation,as well as Bottomless Closet,a nonprofit that prepares women for workplace success,and the Pace Women's Justice Center.

About Paramount

Paramount Global (NASDAQ: PARA,PARAA) is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic studios,networks and streaming services,Paramount's portfolio of consumer brands includes CBS,Showtime Networks,Paramount Pictures,Nickelodeon,MTV,Comedy Central,BET,Paramount+,Pluto TV and Simon & Schuster,among others. Paramount delivers the largest share of the U.S. television audience and boasts one of the industry's most important and extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products,the company provides powerful capabilities in production,distribution,and advertising solutions.

For more information about Paramount,please visitwww.paramount.comand follow @ParamountCo on social platforms.

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