Paramount
California Showdown Ends With Deal
Published
Paramount was threatening to bolt California just days ago … but now it sounds like it reached a settlement that could save its massive Warner Bros. Discovery takeover and keep the studio rooted in place.
Bloomberg reports Paramount Skydance struck a deal with California and the other states suing to block the $110 billion merger. The agreement is expected to be announced Monday.
TMZ broke the news last week … Paramount had told California officials “we’re done” and was prepared to leave the state before the two sides suddenly got back to negotiating.
The talks apparently came together over the weekend after New York, Massachusetts, Connecticut and Minnesota — which had been holding out — ultimately got on board.
The states did score some concessions … including independent editorial boards for CBS and CNN, according to Bloomberg.
Paramount is also expected to stick to a promise to release 30 movies a year in theaters … with discussions reportedly including a $30 million penalty for every film it falls short.
David Ellison, the CEO of Paramount, threatened to move the studio out of California if a settlement wasn’t reached.
Quite the turnaround after Paramount was ready to pack its bags just days ago.
