NewzCHICAGO (AP) — Twelve states and Hollywood writers challenging Paramount’s buyout of Warner Bros. Discovery agreed to settle their lawsuits on Monday, effectively paving the way for the $81 billion mega merger to cross the finish line, with some new commitments from the company. Bonta said Monday's agreement was about “protecting people’s careers, the lives they’ve built here in California, the livelihoods their families rely on" — but he maintained it was not a vote in support of the merger.“I don’t think these two companies should merge," Bonta said in a Monday press conference.
“But that’s not something that we are focused on with our resolution here.”Paramount CEO David Ellison welcomed the settlement, which he said marked “complete clearance for this merger." He added that "bringing Paramount and Warner Bros. Discovery together will build that stronger Hollywood, creating expanded opportunity for our people and even more great entertainment for audiences around the world.”The coalition of states — including entertainment heavyweights like California and New York — sued to block the merger in July, alleging a Paramount-Warner combo would “extinguish competition” and lead to fewer choices for consumers, particularly movie theatergoers and cable customers across the U.S.The Writers Guild of America also filed suit, and both challenges were headed toward a full antitrust trial set to kick off in March. The WGA separately confirmed Monday that it settled its case, too.“We continue to believe the merger will cause damage to writers and the industry at large," the guild said in a statement.
“Now that the Attorneys General have settled with Paramount, however, as a nonprofit, the WGA must contend with the real… film production over the next five years and establish monitoring of editorial independence of the company’s news operations.The settlement still needs a final sign-off by a judge. CHICAGO (AP) — California Attorney General Rob Bonta announced a settlement with Paramount in a lawsuit his state led challenging the company's acquisition of Warner Bros.
Bonta maintained that Monday's agreement “is not a vote of support for this merger" — but that he was always willing to come to the table and “find a strong solution that protects competition and consumers.”The coalition of states — including entertainment heavyweights like California and New York — sued to block the merger back in July, alleging a Paramount-Warner combo would “extinguish competition” and lead to fewer choices for consumers, particularly movie theatergoers and cable customers across the U.S.Accompanied by a complaint also filed by the Writers Guild of America, the challenge was headed toward a full antitrust trial set to kick off in March.Paramount said the allegations were meritless, but previously agreed to delay its transaction well into next year so the case could make its way through court. It then quickly called for a settlement — arguing that it had satisfied all regulatory clearances worldwide (including from the Trump administration’s Justice Department ) and the states’ challenge was its “final obstacle.”As reports of the states reaching a settlement with Paramount emerged Monday, critics decried the deal — while warning of what further consolidation could mean in an industry already controlled by just a few major players.“Today, billionaires have yet again bribed, censored, and bullied their way to the top,” Alvaro Bedoya, senior adviser at the American Economic Liberties Project and former FTC commissioner, said in a statement earlier Monday. to Atlanta will lose their jobs, small bus…
CHICAGO (AP) — Skydance-owned Paramount reached a settlement Monday with a group of state attorneys general that had sued to challenge the company’s buyout of Warner Bros. Discovery, effectively paving the way for the mega merger to move forward, a person familiar with the matter told the AP.The person was not authorized to speak publicly and did so on condition of anonymity. Details of the settlement with the states were not immediately available, but were expected to be revealed later in the day.The coalition of states — including entertainment heavyweights like California and New York — sued to block the $81 billion merger back in July, alleging a Paramount-Warner combo would “extinguish competition” and lead to fewer choices for consumers, particularly movie theatergoers and cable customers across the U.S.Accompanied by a complaint also filed by the Writers Guild of America, the challenge was headed toward a full antitrust trial set to kick off in March.Paramount said the allegations were meritless, but previously agreed to delay its transaction well into next year so the case could make its way through court.
to Atlanta will lose their jobs, small businesses will lose their contracts, your cable bill and movie ticket will be even more expensive.”______Sisak reported from New York. AP’s earlier story follows below.CHICAGO (AP) — Skydance-owned Paramount reached a settlement Monday with a group of state attorneys general that had sued to challenge the company’s buyout of Warner Bros.
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