PARAMOUNT+ AND FORMULA 1(R) ANNOUNCE GLOBAL STRATEGIC PARTNERSHIP

Deal for 2023-2024 Season Makes Paramount+ an Official Partner of Formula 1(R), Marking First of Its Kind Promotional Partnership for F1, Uniting Motorsport and Entertainment Powerhouses on and Off the Grid

NEW YORK - April 12, 2023 - Paramount+, the global streaming service from Paramount (NASDAQ: PARA, PARAA), and Formula 1(R) today announced an official promotional partnership for the 2023-2024 season, marking the first of its kind partnership for the global racing spectacle. With the deal, Paramount+ becomes an Official Partner of Formula 1.

The partnership will see the streamer's broad and popular content offering come to life at Formula 1 events, with Paramount+ hit series, blockbuster movies and beloved characters taking center stage inside Fan Zone areas with the biggest stars coming together on and off the grid. Additionally, the partnership includes Paramount+ branding on track and physical trackside signage, digital sponsorships and promotional opportunities, which started in Melbourne, and will be followed by activity in Miami, Montréal, Austria, Silverstone (U.K.), Monza (Italy), Suzuka (Japan), Austin, Mexico City, São Paulo and Las Vegas.

Marco Nobili, executive vice president and international general manager at Paramount+, said:

"Paramount+ continues to seek new, innovative ways to reach our global audiences, and I am confident this partnership with Formula 1 will continue to support our growth globally. Becoming an official partner of Formula 1 means bringing the Paramount+ brand and all our characters to life for hundreds of millions of fans worldwide. Through this global deal the worlds of motorsport and entertainment will come together, resulting in powerful storytelling opportunities on and off the grid."

Brandon Snow, managing director of commercial at Formula 1, said:

"This partnership exemplifies Formula 1's ongoing commitment to exploring new avenues to help promote the sport and appeal to new audiences. Paramount+ and the content on its platform are hugely popular and, like F1, has experienced rapid growth in recent years. Together, we will use our global platforms and collective expertise in entertainment to further enhance the fan experience and take both Formula 1 and Paramount+ to new levels."

The partnership follows a successful short-term deal between Paramount+ and Formula 1 in 2022, which saw the streamer gain strategic exposure at key Formula 1 races, including Silverstone and Monza.

About Paramount+

Paramount+ is a global digital subscription video streaming service from Paramount that features a mountain of premium entertainment for audiences of all ages. Internationally, the streaming service features an expansive library of original series, hit shows and popular movies across every genre from world-renowned brands and production studios, including SHOWTIME(R), CBS, Comedy Central, MTV, Nickelodeon, Paramount Pictures and the Smithsonian Channel(TM), in addition to a robust offering of premier local content. The service is currently live in the U.S., Canada, the U.K., Australia, Latin America, the Caribbean, Austria, France, Germany, Ireland, Italy, Switzerland and South Korea.

About Formula 1

Formula 1(R) racing began in 1950 and is the world's most prestigious motor racing competition, as well as the world's most popular annual sporting series. Formula One World Championship Limited is part of Formula 1(R) and holds the exclusive commercial rights to the FIA Formula One World Championship(TM). Formula 1(R) is a subsidiary of Liberty Media Corporation (NASDAQ: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) attributed to the Formula One Group tracking stock. The F1 logo, F1 FORMULA 1 logo, FORMULA 1, F1, FIA FORMULA ONE WORLD CHAMPIONSHIP, GRAND PRIX, PADDOCK CLUB and related marks are trademarks of Formula One Licensing BV, a Formula 1 company. All rights reserved.