Paramount is poised to leave LA — and California’s Attorney General Rob Bonta is the reason.
The New York Post reports Paramount CEO David Ellison has given California Attorney General Rob Bonta an October 1 deadline to begin negotiating a settlement over the state’s effort to block Paramount’s $110 billion merger with Warner Bros. Discovery. If there’s no deal, Ellison Paramount will begin moving its headquarters and most of its jobs out of California. And this isn’t just a threat. The Post reports Paramount’s board has already approved a potential move, and Ellison is talking with Tennessee, Texas and Georgia.
With the merger, the combined workforce of Paramount and Warner Bros. Discovery is 54,000 employees, many based in Los Angeles. Paramount estimates leaving California could save about $500 million a year in taxes.
