Portfolio Overview - Paramount focuses on Class A office properties in New York and San Francisco[10] - The company has ~$7.2 billion in total assets under management across 17 assets[11] - The portfolio consists of 12.3 million square feet of REIT-owned assets and 0.8 million square feet of managed assets[11] - The average lease term is 7.1 years, and the portfolio is 94% leased[16] - The average rent is $90 per square foot[14] Financial Highlights - The midpoint of Cash NOI assumptions used in deriving the Full Year 2025 guidance is $302 million[11] - Net Debt / Enterprise Value is 66.5%[65] - Net Debt / Annualized Adjusted EBITDAre is 9.0x[65] Lease Expirations - The 5-year average lease expiration in San Francisco is 302,000 square feet, or 5.5% per annum[39] - The 5-year average lease expiration in New York is 154,000 square feet, or 12.5% per annum[40] - The 5-year average lease expiration for the total portfolio is 456,000 square feet, or 6.8% per annum[42] Capital Structure - The stock price is $5.75 per share[65] - The company has 220,311,000 common shares and 17,876,000 Operating Partnership Units outstanding[65] - The equity market capitalization is $1,369,578,000[65] - Total debt is $3,248,054,000, including $877,400,000 in notes & mortgages payable and $274,374,000 in unconsolidated joint ventures debt[65]

Exhibit 99.2 FORWARD-LOOKING STATEMENTS This supplemental information contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words "assumes," "believes," "estimates," "expects," "guidance," "intends," "plans," "projects" and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertain ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended: June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-36746 PARAMOUNT GROUP, INC. (Exact name of registrant as specified in its charter) Maryland 32-0439307 (State or other jurisdiction of i ...

Core Viewpoint - Paramount Global is set to report its second quarter 2025 financial results on July 31, 2025, and will conduct a conference call to discuss these results [1] Group 1: Financial Reporting - The financial results will be announced on July 31, 2025, at 4:30 p.m. (ET) [1] - A conference call will be held to present prepared remarks regarding the financial results [1] - An audio replay of the call will be available starting at 7:30 p.m. (ET) on the same day [2] Group 2: Company Overview - Paramount Global is a leading global media, streaming, and entertainment company, known for creating premium content and experiences [3] - The company's portfolio includes well-known brands such as CBS, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+, and Pluto TV [3] - Paramount holds one of the industry's most extensive libraries of TV and film titles, along with innovative streaming services and digital video products [3]

Group 1 - Paramount Global has received FCC approval for the Skydance-Paramount merger after a nine-month delay, marking a significant change for the company [1] - The approval signals the end of the Redstone era for Paramount Global, indicating a potential shift in strategic direction [1]

Group 1 - Paramount and Skydance's merger is set to close on August 7, following confirmation from both companies [1][2] - The transaction, valued at over $8 billion, received approval from the FCC, marking the end of a year-long process [2] - The new entity will trade on Nasdaq under the ticker symbol PSKY, replacing Paramount's previous ticker PARA [3] Group 2 - Deadlines for Paramount stockholders to elect their form of consideration have been established, with common shareholders having until July 31 and employees until July 28 [4] - Shareholders who do not make an election will automatically receive stock in the new company, with the value of Paramount Class B shares set at $15 [5] - Concerns remain regarding potential layoffs and the future of the company's linear cable networks, which are experiencing declining ratings and advertising revenue [6] Group 3 - Following the FCC decision, shares in Paramount Global initially rose but ended the day down 1.6% at $13.05 [7]

Group 1 - The merger between Paramount and Skydance is set to close on August 7, following the FCC's approval of the $8 billion-plus transaction [1][2] - The new entity will trade on Nasdaq under the ticker symbol PSKY, replacing Paramount's previous ticker PARA [2] - Shareholders of Paramount have specific deadlines to elect their preferred form of consideration for their shares, with common shareholders having until July 31 [3] Group 2 - Shareholders who do not make an election will automatically receive stock in the new company, with the value of Paramount Class B shares set at $15 [4] - There are concerns regarding potential layoffs and the future of the company's linear cable networks, which are experiencing declining ratings and advertising revenue due to cord-cutting [5] - Following the FCC decision, shares in Paramount Global initially rose but ended the day down 1.6% at $13.05 [6]

Core Viewpoint - Paramount Global and Skydance Media are set to finalize their transactions on August 7, 2025, pending customary closing conditions [1] Election Deadlines - The Election Deadline for Paramount stockholders of record is 5:00 p.m. on July 31, 2025 [8] - Current or former employees holding shares via the Morgan Stanley Stock Plan Account have an Election Deadline of 4:00 p.m. on July 28, 2025 [8] - Shares held through the Paramount Global 401(k) Plan also have an Election Deadline of 4:00 p.m. on July 28, 2025 [8] Trading Information - Following the closing of the Transactions, shares of Class B common stock of New Paramount are expected to begin trading on Nasdaq under the ticker symbol "PSKY" [6] - Paramount's Class B common stock (NASDAQ: PARA) and Class A common stock (NASDAQ: PARAA) will cease trading after the Transactions close [6] Communication and Assistance - Stockholders can direct questions regarding the election process to Equiniti Trust Company, LLC, or D.F. King & Co., Inc. for inquiries about the Transactions [5]

Core Viewpoint David Ellison is set to become the chairman and CEO of Paramount following its merger with Skydance, positioning him as a significant player in Hollywood and overseeing major brands like CBS, MTV, and Paramount Pictures [1][3]. Company Overview - David Ellison, son of Oracle co-founder Larry Ellison, is transitioning from a film producer to a leadership role at Paramount after the merger with Skydance, which was approved by the FCC [1][2]. - The merger agreement values Skydance at $4.75 billion, highlighting the financial significance of this consolidation in the entertainment industry [7]. Leadership and Vision - Ellison aims to transform Paramount into a "tech hybrid" company, leveraging artificial intelligence to enhance content creation and streamline production processes [9]. - He envisions building a "studio in the cloud" in partnership with Oracle, focusing on improving streaming service algorithms to enhance user engagement [9]. Political and Industry Context - The merger faced political scrutiny, with the FCC approving it amid claims of influence from the Trump administration, including a settlement involving CBS [3][12]. - Ellison's political donations and relationships, including a nearly $1 million contribution to Biden's campaign, contrast with his recent alignment with Trump, indicating a complex political landscape [8]. Industry Impact - The merger is expected to bring significant changes to CBS, with promises to enhance diversity of viewpoints in news coverage and address ideological biases [9][12]. - Support from notable figures in Hollywood, such as Ben Affleck and Jane Fonda, suggests a positive reception to Ellison's leadership and vision for Paramount [10][11].

Core Viewpoint - The FCC's approval of the merger between Paramount and Skydance Media has alleviated uncertainties regarding Paramount's future, with the stock price showing a slight increase ahead of the market opening [1][2]. Group 1: Merger Details - The merger involves Skydance paying $4.5 billion to acquire a portion of Paramount's Class B shares at $15 each, while also acquiring controlling interest through Redstone's family holding company for $2.4 billion [1][11]. - The FCC's approval followed a lengthy review process of over 250 days, allowing the transfer of 28 licenses for CBS stations to the Skydance-led ownership group [2][10]. Group 2: Strategic Implications - Analysts highlight the need for Skydance leadership to address strategic questions and improve profitability at Paramount, with a focus on the future of its linear networks [3][4]. - There is speculation about whether Skydance will maintain Paramount's cable network business or consider divesting those assets to enhance growth [5][6]. Group 3: Financial Considerations - The deal will result in Skydance owning 100% of New Paramount Class A Shares and approximately 69% of Class B shares, equating to about 70% of the pro forma shares outstanding [12]. - The upcoming earnings season will be critical for understanding the new ownership's plans, with expectations for clarity on strategic direction by the Q3 reporting date in November [4]. Group 4: Content and Streaming Strategy - Analysts are keen to see how the merged entity will approach its streaming strategy, particularly regarding partnerships and content investment, especially in relation to Paramount+ and Pluto TV [8]. - The future of sports rights, particularly the NFL contract, is also a significant concern, as the merger triggers a change-of-control clause that may lead to renegotiation [7].