"Paramount/Warner Bros is not a done deal. These two Hollywood titans have not cleared regulatory scrutiny—the California Department of Justice has an open investigation, and we intend to be vigorous in our review. Any acquisition of Warner Bros would require approval from regulators in the United States and Europe, including the US justice department's antitrust division."
"The merger poses a risk for California's economy. Paramount's bid is likely to raise concerns about job cuts in the state. Paramount sees $6bn in cost synergies in the deal, which typically means massive layoffs, reducing the number of suppliers, squeezing existing contractors for better terms after the two companies merge or other reductions."
"David Ellison, said his company was pleased the Warner Bros board had unanimously affirmed the superior value of our offer, which he said delivered WBD shareholders superior value, certainty and speed to closing."
California Attorney General Rob Bonta announced an investigation into the proposed merger between Paramount Skydance and Warner Bros Discovery, valued at nearly $111 billion. The deal requires regulatory approval from U.S. and European authorities, including the Department of Justice's antitrust division. Paramount projects $6 billion in cost synergies, typically resulting in significant layoffs and workforce reductions. Bonta emphasized the merger poses economic risks to California and stated his office intends vigorous review. The acquisition also faces opposition from lawmakers including Senator Elizabeth Warren, who has consistently opposed growing media monopolies. Paramount CEO David Ellison defended the offer as delivering superior value and certainty to shareholders.
Read at www.theguardian.com
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