This could be the California Exodus Watch doomsday scenario.
TMZ reports officials inside both the Los Angeles Mayor’s Office and California Attorney General’s Office were told Paramount was preparing to announce it is leaving California.
The announcement was reportedly expected Tuesday — but never came. Paramount is saying only: “No comment.”
If it happens, the economic damage could be staggering.
A new analysis from the Los Angeles County Economic Development Corporation estimates a full Paramount relocation could ultimately cost California nearly 58,000 direct, indirect and induced jobs.
The potential economic hit: up to $21.2 billion every year — plus as much as $1.17 billion annually in lost state and local tax revenue.
And this is happening while California Attorney General Rob Bonta and 11 other state attorneys general are suing to block Paramount’s $110 billion Warner Bros. Discovery merger.
Paramount CEO David Ellison has threatened to begin moving operations out of California if there is no agreement by October 1st — when Paramount begins facing a $7 million-a-day ticking fee.
Texas, Tennessee and Georgia have all been floated as possible destinations.
The numbers are projections, not guaranteed losses. But the implications are enormous.
Paramount isn’t just another company.
It’s a cornerstone of Hollywood.
And if Paramount actually leaves California, the California Exodus would have a new symbol: the Paramount gates closing behind it.
