Twelve US states have banded together to oppose Warner Bros. and Paramount’s $110 billion (£85 billion) merger, arguing that the biggest media consolidation in Hollywood history would hinder competition and drive up consumer costs.
Twelve states, including California, where Warner Bros. and Paramount maintain their headquarters and production facilities, have filed a lawsuit. According to California Attorney General Rob Bonta, “audiences on every sofa and movie theater seat in the US” will suffer as a result of the combination.
The new business would be responsible for more than 25% of big movie releases if it proceeds. Just four corporations, including Disney, Universal, and Sony, would have 86% of that market. According to the US news website Semafor, advisers have pushed David Ellison, the CEO and majority owner of Paramount Skydance and the son of tech tycoon Larry Ellison, to relocate the business’s operations from California. For over a century, Paramount has maintained its headquarters in the state.
I heard that as an explicit statement,” Bonta said, acknowledging that he was aware of the report to BBC World Service.Bonta added, “I’ll even say it felt like a threat last night and like a last-ditch effort to blackmail the regulators into letting an illegal deal go through.
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