PARAMOUNT SETTLES 12-STATE LAWSUIT AHEAD OF US $ 110BN MERGER
Paramount Skydance has resolved the final huddle in its US $ 110bn merger with Warner Bros. Discovery by settling a legal battle with California and 12 other states. California General Rob Bonta, one of several attorneys involved in the case, says the settlement is not an endorsement of market consolidation. He acknowledges concerns with the merger, but adds that he understands it could prove beneficial and potentially boost US film and TV production. Under the agreement, Paramount must produce at least 30 films annually and ensure at least 20 % of them are produced in the US in the first two years and 30 % over the following three. Paramount will also pay US $ 17.5m to the Writers Guild of America( WGA) health fund and protect CBS News writers from layoffs for the next five years. Despite the settlement, the WGA voices concern that the merger will be harmful to the industry, saying it will ultimately“ cause damage to writers and the industry at large”.
businesschief. com 21