Paramount settles with US states to clear Warner Bros mega-merger

Financing for the deal reportedly includes about $24 billion in equity from the sovereign wealth funds of Saudi Arabia, Qatar and Abu Dhabi.David Ellison's father, billionaire Oracle founder Larry Ellison, also provided funding and a guarantee.Opponents in the movie industry said the combined company would slash jobs in a Hollywood already under pressure and reduce the number of films produced every year, while news media groups feared CNN's independence could….

The outlets are suing the administration to have the decision reversed.

Paramount had threatened to move out of California if the state's attorney general, Rob Bonta, did not negotiate an end to the lawsuit.In their complaint, the 12 states argued the combined company would control roughly 27% of wide-release theatrical film distribution and a similar percentage of the basic cable channel industry.

California led the suit, joined by Arizona, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon and Washington, all Democratic-led.Four states Massachusetts, New York, Connecticut and Minnesota had held out but concluded that fighting on without California was not worth the expense, Bloomberg reported.

Bonta told reporters that protecting jobs was a major concern in his handling of the case and acknowledged that many people may be disappointed with his decision to strike a deal."My job as attorney general is to look at the facts and look at the law, weigh the options in front of us, and make the best decisions for the people of California," he said.Bonta said the settlement includes a….

At least four of those films must be independent productions, and at least 20% must be blockbusters, Bonta said.The terms include a financial penalty if Paramount fails to meet the targets.

According to a joint court filing, the deal also requires at least $300 million more in annual spending on US film production by Paramount and Warner Bros than in 2025.The companies must also keep both studios' production lots, honour labour agreements and commit funds to workforce training, the filing said.

Paramount settles with US states to clear Warner Bros mega-merger AFP | Updated 1 minute ago | Deal includes board to protect CNN's editorial independence, requires $300m more in annual spending on film production.

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