Los Angeles mayor seeks to keep Paramount in California as merger dispute unfolds
Mayor Karen Bass is urging state officials to negotiate with Paramount Pictures to prevent the studio from relocating out of California amid an antitrust lawsuit tied to its planned merger with Warner Bros. Discovery.
Paramount Pictures has warned it may leave California if a court blocks its merger with Warner Bros. Discovery, a stance that has drawn attention from state officials and local leaders. The studio faces a deadline of Oct. 1 to complete the transaction, after which it would incur a $7 million-per-day penalty for shareholders.
Los Angeles Mayor Karen Bass has asked Attorney General Rob Bonta to engage in negotiations aimed at keeping the company in the state. Bass’ film liaison, Steve Kang, said the mayor’s office is preparing for all possible outcomes and is advocating for additional production subsidies in California and Washington, D.C.
“Creating a film-friendly environment is our first and foremost priority,” Kang said, adding that the city hopes the studio will remain and that all parties continue dialogue.
Attorney General Bonta’s office described Paramount’s relocation threat as “nothing new” and reiterated its willingness to discuss a settlement that includes “robust structural remedies.” A court-supervised settlement conference is scheduled for Oct. 14-15.
“We will continue to apply the law without fear or favor and remain open to good-faith discussions,” the AG’s office said.
Paramount declined to comment on the reports of potential relocation.