Item 8.01 Other Events.

As previously disclosed by Paramount Global (the "Company"), beginning on November 25, 2019, four purported stockholders of Viacom Inc. ("Viacom") filed separate putative class action lawsuits in the Court of Chancery of the State of Delaware in connection with the Agreement and Plan of Merger between Viacom and CBS Corporation dated as of August 13, 2019, as amended on October 16, 2019 (the "Merger Agreement"). On January 23, 2020, the Court consolidated the four lawsuits into In re Viacom Inc. Stockholders Litigation, C.A. No. 2019-0948-SG (Del. Ch.) (the "Litigation"). On February 6, 2020, the Court appointed California Public Employees' Retirement System ("CalPERS") as lead plaintiff for the Litigation. On February 28, 2020, CalPERS, together with Park Employees' and Retirement Board Employees' Annuity and Benefit Fund of Chicago and Louis M. Wilen, filed a First Amended Verified Class Action Complaint (the "Complaint") against National Amusements, Inc., NAI Entertainment Holdings LLC, Shari E. Redstone, the members of the special transaction committee of the Viacom Board of Directors (comprised of Thomas J. May, Judith A. McHale, Ronald L. Nelson and Nicole Seligman) and our President and Chief Executive Officer and director, Robert M. Bakish. The Complaint alleges breaches of fiduciary duties to Viacom stockholders in connection with the negotiation and approval of the Merger Agreement and seeks unspecified damages, costs and expenses, as well as other relief. On May 22, 2020, the defendants filed motions to dismiss. On December 29, 2020, the Court dismissed the claims against Mr. Bakish, while allowing the claims against the remaining defendants to proceed.

On February 27, 2023, the parties to the Litigation agreed to settle the Litigation on the terms and conditions set forth in a binding term sheet (the "Term Sheet"), which will be incorporated into a long-form settlement agreement. The Term Sheet provides for, among other things, the final dismissal of the Litigation in exchange for a settlement payment in the amount of $122.5 million. The settlement of the Litigation is subject to the final approval of the Court of Chancery of the State of Delaware, and the vast majority of the settlement payment will be due no less than five business days before the final settlement hearing.

The Company is currently engaged in litigation regarding insurance coverage against certain of its insurance carriers in the Superior Court of the State of Delaware. The Company intends to pursue its claims vigorously. Pending recovery of any such insurance proceeds, the Company will advance funds for the settlement when they become due.

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