Paramount weighs relocating HQ as states prepare lawsuit over Warner Bros. Discovery merger

Paramount Pictures is reportedly considering moving its corporate headquarters out of California as state attorneys general prepare a lawsuit to block its planned $111 billion acquisition of Warner Bros. Discovery. The discussion, cited by sources familiar with the matter, suggests that a relocation could shift about $30 million in planned spending away from the state if California’s Attorney General Rob Bonta files suit.

California has taken the lead in the proposed antitrust action, with New York, Washington and Connecticut expected to join. A draft of the complaint alleges that the merger would reduce competition for major-budget films and raise other market-concern issues.

Paramount maintains that the transaction would increase competition in the entertainment sector, helping the company contend with streaming rivals such as Netflix, Amazon and Apple. > "We are confident the facts and the law support this transaction, and we will continue to defend it vigorously," the studio told the New York Times.

The company also said it is working constructively with the few remaining regulators worldwide and is prepared to address any legitimate antitrust concerns. > "We are confident this transaction raises no such concerns, as demonstrated by the dozens of antitrust authorities around the world that have carefully reviewed the transaction," Paramount said to Semafor.

The merger has already cleared regulatory reviews in Europe, China, South Africa, Saudi Arabia, Ukraine, Serbia and North Macedonia, among others. Paramount aims to close the deal in the third quarter of 2026.