Risk Factors Update Summary

• The application of existing laws to generative AI is unsettled, increasing legal liability risks and compliance costs.
• The Company faces increased competition from generative AI developments, impacting audience size and subscriber demand. This change might result in decreased revenue streams.
• The Company’s indebtedness increased from $636 million to $691 million, potentially affecting financial stability.
• Macroeconomic conditions, including elevated interest rates of 40% and inflation, may adversely affect the Company’s business and financial condition.
• Cash restructuring charges rose from $80 million to $106 million, reflecting ongoing macroeconomic challenges.
• The Company’s digital advertising revenues are increasingly challenged by large platforms like Facebook and Google, which command substantial market shares.
• Increased focus on ESG issues may lead to substantial costs and changes in business practices.
• The Company may incur significant costs in developing new products and services, particularly those incorporating generative AI technologies.
• Changes in tax laws, including a minimum 15% tax rate, could impact the Company's financial results.
• Changes in consumer preferences toward digital media have intensified competition, leading to decreased demand for traditional media offerings.