BREAKING: Paramount has reached a settlement with California and other states that sued to block its $110 billion merger with Warner Bros. Discovery.
• Paramount will invest $1.5 billion in California production, keeping its studio properties in the state.
• Paramount could face a $30 million penalty for every movie it falls short of the annual target to release 30 movies a year in theaters.
• Independent editorial boards for CBS and CNN.
California caved with 58,000 jobs on the line.
According to Bloomberg, Massachusetts, New York, Connecticut and Minnesota — had been holdouts on a possible settlement, but ultimately concluded the expense of the legal battle was not justifiable without California.
That’s Paramount’s concessions. No word on what California and the states gave up, other than not pursuing the anti-trust lawsuit.
