California Lawmakers Demand concessions from Paramount amid antitrust lawsuit
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California Attorney General Rob Bonta said Thursday it would take “robust” concessions from Paramount boss David Ellison to settle an antitrust lawsuit brought by 12 lefty state attorneys general against his acquisition of Warner Bros. Discovery.
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CNBCCalifornia Attorney General Rob Bonta told CNBC's David Faber on Thursday that the group of states suing to block Paramount Skydance's acquisition of Warner Bros. Discovery would require "robust structural remedies" to reach a settlement in the antitrust case.
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"[Paramount] wanted to talk about everything except for what this case is about. They want to talk about the streaming market, which we don't allege in our complaint. They want to talk about CNN, which is not a focus of our complaint. They want to talk about the foreign regulators. We want to talk about the three markets that we set forth in our complaint, where we think there's antitrust violation," Bonta said.
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New York Post Business“[Paramount] wanted to talk about everything except for what this case is about. They want to talk about the streaming market, which we don’t allege in our complaint. They want to talk about CNN, which is not a focus of our complaint. They want to talk about the foreign regulators,” Bonta said.
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“I will say that coming to the table has always been on the table. And if Ellison and Paramount want to come to the table in good faith and talk, we want to talk, too. We’re happy to have that conversation,” Bonta said.
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CNBC"I will say that coming to the table has always been on the table. And if [CEO David] Ellison and Paramount want to come to the table in good faith and talk, we want to talk too. We're happy to have that conversation," Bonta said. "We do prefer to resolve cases in the boardroom instead of the courtroom, but for now we're bringing our case, and you know I hope they can focus on the actual allegations we make in our complaint."
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In a July 13 complaint, a group of state attorneys general – led by Bonta and including New York’s Letitia James – alleged the new conglomerate will control 30% of movies that have earned $100 million-plus at the box office.
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“Movie theatres rely on competition between Paramount and Warner Bros,” the complaint said. “Through this competition, theatres incentivize creativity and quality, and they secure competitive prices and terms for themselves and for audiences.”
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But as of Tuesday, all three of the nation’s largest movie theater operators – AMC, Regal and Cinemark, which combined account for 60% of movie ticket sales nationwide – have thrown their support behind the Paramount deal.
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01 New York Post Business He said it’s no secret that Ellison is eager to reach a settlement – since a lengthy court battle could force Paramount to shell out an extra $7 million per day until the deal is closed – but that such an agreement would need to include assurances on those film and TV concerns.
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02 CNBC Bonta and 11 other state attorneys general filed a lawsuit in July seeking to block the merger. The group of suing states also includes Arizona, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon and Washington.
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- cnbc
- nypost-biz