Sept. 21 (UPI) — Paramount on Monday reached an agreement to resolve an antitrust lawsuit against it , clearing its path toward finalizing its $111 billion acquisition of Warner Bros. Discovery.
The lawsuit brought by 12 states’ attorneys general argued that Paramount’s acquisition of Warner Bros. Discovery would give the company too much control of the market. As part of Monday’s agreement, which needs court approval, Paramount has agreed to continue releasing 30 movies in theaters each year and maintain editorial for CNN and CBS News, California Attorney General Rob Bonta said .
“Let me be clear: This settlement is not a vote of support for this merger. But we believe this settlement, which resolves our antitrust concerns in every market alleged in our case, protects competitions and consumer choice, and puts workers’ needs, concerns and futures first, is the best course of action,” Bonta said in a statement.
“When we get down to brass tacks, what heard over and over form people who would be most directly and immediately impacted by the merger is that what matters most is consistent film output, domestic production and protecting the livelihoods of workers about and bellow the line.”
Paramount CEO David Ellison has met with President Donald Trump at the White House while his company’s purchase of Warner Bros. Discovery was in question. His father Larry Ellison is co-founder of Oracle, the company that oversees U.S. data storage for TikTok, aiding a group of investors in acquiring the social media platform.
David Ellison said he was “grateful” to Bonta and the other attorneys general, and the Writers Guild of America for finding a solution.
“Our shared aim was an outcome that best serves consumers, workers and — most importantly — the creative community so vital to the art of visual storying telling,” David Ellison said in a statement, adding that he is confident in the agreement to bring about those aims.
“Our goal has always been to build a stronger Hollywood — one with more stories told, greater choice for consumers and stronger competition.”
While the agreement notes ensuring editorial independence at CNN and CBS News, CBS News has already marked a shift in its editorial standards under editor-in-chief Bari Weiss, who was selected by David Ellison to lead the news organization last year.
Weiss, a conservative political commentator, has overseen the news organization as it has parted ways with notable senior leaders and journalists, including 60 Minutes correspondent Scott Pelley.
Source: U.S. News
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