Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement in the CBS Securities Settlement

The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the CBS Securities Settlement:

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK

TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED CBS CORPORATION N/K/A PARAMOUNT GLOBAL (“CBS”) CLASS B COMMON STOCK DURING THE PERIOD FROM NOVEMBER 29, 2017 AND JULY 27, 2018, INCLUSIVE (“SETTLEMENT CLASS” OR “SETTLEMENT CLASS MEMBERS”)

THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.

YOU ARE HEREBY NOTIFIED that a hearing will be held on November 3, 2022, at 2:30 p.m., before the Honorable Valerie E. Caproni at the United States District Court, Southern District of New York, Thurgood Marshall United States Courthouse, 40 Foley Square, Courtroom 443, New York, NY 10007 to determine whether: (1) the proposed settlement (the “Settlement”) of the above-captioned Action as set forth in the Stipulation and Agreement of Settlement (“Stipulation”)¹ for $14,750,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) the Judgment as provided under the Stipulation should be entered dismissing the Action with prejudice; (3) to award Lead Plaintiff’s Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Pendency and Proposed Settlement of Class Action (“Notice”), which is discussed below) and, if so, in what amount; (4) to pay Lead Plaintiff for its costs and expenses in representing the Settlement Class out of the Settlement Fund and, if so, in what amount; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable and adequate.

The outbreak of the Coronavirus (COVID-19) is a fluid situation that creates the possibility that the Court may decide to conduct the Final Approval Hearing by video or telephonic conference, or otherwise allow Settlement Class Members to appear at the hearing by phone, without further written notice to the Settlement Class. In order to determine whether the date and time of the Final Approval Hearing have changed, or whether Settlement Class Members must or may participate by phone or video, it is important that you monitor the Court’s docket and the Settlement website, www.CBSSecuritiesSettlement.com, before making any plans to attend the Final Approval Hearing. Any updates regarding the Final Approval Hearing, including any changes to the date or time of the hearing or updates regarding in-person or telephonic appearances at the hearing, will also be posted to the Settlement website, www.CBSSecuritiesSettlement.com. Also, if the Court requires or allows Settlement Class Members to participate in the Final Approval Hearing by telephone, the phone number for accessing the telephonic conference will be posted to the Settlement website, www.CBSSecuritiesSettlement.com.

IF YOU PURCHASED OR ACQUIRED CBS CLASS B COMMON STOCK FROM NOVEMBER 29, 2017 THROUGH JULY 27, 2018, INCLUSIVE, YOUR RIGHTS ARE AFFECTED BY THE SETTLEMENT OF THIS ACTION.

To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release form (“Proof of Claim”) by mail (postmarked no later than September 19, 2022) or electronically (no later than September 19, 2022). Your failure to submit your Proof of Claim by September 19, 2022, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Action. If you purchased or acquired CBS Class B common stock from November 29, 2017 through July 27, 2018, inclusive, and do not request exclusion from the Settlement Class, you will be bound by the Settlement and any judgment and release entered in the Action, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.

If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), and a Proof of Claim, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other settlement documents, online at www.CBSSecuritiesSettlement.com, or by writing to:

CBS Securities Settlement

Claims Administrator

c/o Gilardi & Co. LLC

P.O. Box 8040

San Rafael, CA 94912-8040

Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.

Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to Lead Counsel:

ROBBINS GELLER RUDMAN & DOWD LLP

Shareholder Relations Department

655 West Broadway, Suite 1900

San Diego, CA 92101

Telephone: 1-800-449-4900

settlementinfo@rgrdlaw.com

IF YOU DESIRE TO BE EXCLUDED FROM THE SETTLEMENT CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY SEPTEMBER 19, 2022, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL SETTLEMENT CLASS MEMBERS WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.

IF YOU ARE A SETTLEMENT CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT THE PLAN OF ALLOCATION, THE REQUEST BY LEAD PLAINTIFF’S COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES NOT TO EXCEED 25% OF THE $14,750,000 SETTLEMENT AMOUNT AND EXPENSES NOT TO EXCEED $500,000, PLUS INTEREST, AND/OR THE PAYMENT TO LEAD PLAINTIFF FOR ITS COSTS AND EXPENSES NOT TO EXCEED $22,500. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO LEAD COUNSEL AND DEFENDANTS’ COUNSEL BY SEPTEMBER 19, 2022, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

Dated: May 13, 2022

BY ORDER OF THE COURT

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK

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1</sup> The Stipulation can be viewed and/or obtained at www.CBSSecuritiesSettlement.com.

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