ACADEMY AWARD-NOMINATED ACTOR, WRITER, DIRECTOR, AND PRODUCER TARAJI P. HENSON'S TPH ENTERTAINMENT STRIKES OVERALL DEAL WITH BET STUDIOS

New York, NY - March 23, 2022 - BET, a unit of Paramount (NASDAQ: PARAA; PARA; PARAP), strikes overall deal with Taraji P. Henson's TPH Entertainment for BET Studios, an unprecedented studio venture launched in September 2021 powered by the infrastructure and financing of BET and Paramount. The venture was designed to supply the increased demand for premium content from Black creators across an array of internal buyers, including Paramount+, SHOWTIME, CBS, Nickelodeon, BET+, and BET, in addition to select third-party platforms that seek best-in-class content from both leading and rising Black creatives.

"We are incredibly excited to welcome Taraji and TPH Entertainment to BET Studios' growing portfolio of top Black creators and industry leaders. Taraji is immensely important to both the industry and our community. As such, she will contribute her profound insights and expertise to amplify BET Studios' diverse array of content offerings," said Scott Mills, Chief Executive Officer, BET. "While Taraji continues to excite, inspire, and dismantle barriers as an award-winning actress, the creation of TPH Entertainment as a vehicle to champion underrepresented storytellers whose voices are integral to the media and social landscapes is in perfect alignment with our mission for BET Studios. Taraji is a valued member of the BET family, and we look forward to our collaboration reaching new heights."

"BET has always been the foundation of my fanbase and a huge supporter of me throughout my career. BET Studios understands and perfectly aligns with my vision of why I founded TPH Entertainment, to increase opportunities and create content that will challenge audiences and inspire new perspectives. I am so excited to join them and for the incredible content we will create together. This partnership will be for the culture."

Academy Award, Emmy-nominated, and Golden Globe-winning actor, writer, director, and producer Henson quickly rose to fame after her breakout performance in the critically-acclaimed film "HUSTLE & FLOW," which earned her and the cast a Screen Actors Guild nomination as well as the BET Award for Best Actress. In 2020, Henson wrapped her iconic run as "Cookie Lyon" in Fox's hit musical drama "EMPIRE," which earned her three Emmy nominations, a Golden Globe Award, a Critics Choice Award, and three BET Awards. It was recently announced that Henson will star in and produce Alessandro Camon's "TIME ALONE" under her production banner. Henson is currently in production on Blitz Bazawule's "THE COLOR PURPLE," where she will star as Shug Avery.

In Fall 2020, Henson launched her production company, TPH Entertainment, with producing partner Christine Conley. TPH Entertainment has previously announced several projects including "TWO-FACED" with Bron Entertainment, in which Henson will also direct, marking her feature film directorial debut. They also have "TIME ALONE." with Alessandro Camon and "SORCERORITY," which they will co-produce with Game Changer Films and Gabrielle Union's I'll Have Another Productions.

Henson is represented by CAA, M88, The Lede Company and Johnson, Shapiro, Slewitt & Kole.

About BET

BET, a subsidiary of Paramount (NASDAQ: PARAA; PARA; PARAP), is the leading provider of premium entertainment, music, news, digital and public affairs content for Black audiences worldwide. BET linear is in 125 million households and can be seen in the United States, Canada, Brazil, the Caribbean, the United Kingdom, sub-Saharan Africa, and France. BET is one of the most well-known Black consumer brands worldwide, with multi-platform business extensions including BET Studios, an unprecedented studio venture that offers equity ownership for Black content creators; BET+, the preeminent streaming service for the Black audience; BET Digital, including BET's wide reaching social platforms and BET.com, a leading Internet destination for Black entertainment, music, culture, and news; BET HER, a 24-hour entertainment network targeting the African-American Woman; BET Music Networks - BET Jams, BET Soul, and BET Gospel; BET Home Entertainment; BET Live, BET's events and experience business; and BET International, which operates BET around the globe.