Paramount ‘lethal severe’ about leaving Hollywood – Business News
Paramount says its “deadly serious” about leaving California as LA Mayor Karen Bass vows to battle to keep the leisure jobs in Hollywood.
Sources within the studio made the feedback to Deadline on Wednesday after studies emerged that Paramount got here within a whisker of saying they have been leaving Los Angeles.
The studio has been threatening to depart the state it’s known as home for more than 100 years over antitrust litigation being spearheaded by California’s attorney-general Rob Bonta at the side of 12 different states to dam the company’s $111 billion merger with Warner Bros. Discovery.
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The Paramount Pictures emblem is displayed on a water tower Tuesday, Feb. 17, 2026, in Los Angeles, California. Paramount Skydance is trying a hostile takeover bid of Warner Bros. NurPhoto by way of Getty Images
Paramount, which is predicated on the historic Melrose Avenue studio lot, is the final main studio to call Hollywood home.
A report obtained by The Post beforehand warned that a Paramount departure might value California up to 58,000 jobs, $21 billion in financial output and as a lot as $1.17 billion in annual tax income.
TMZ reported Wednesday that Paramount got here close to leaving California, however backed down on the final minute and is now back on the negotiating desk.
People cross by the principle gate to Paramount Pictures on Melrose Avenue in Los Angeles, Wednesday, July 8, 2015. Media company Viacom says it has begun a course of to seek out a minority investor for its Paramount Pictures film studio, heeding calls from activist buyers annoyed on the company’s sagging efficiency. AP
The studies have put contemporary stress on metropolis and state officers to keep the leisure giant from becoming a member of the exodus of manufacturing and leisure jobs from Hollywood.
When The Post contacted Bass’ workplace, the mayor wouldn’t affirm whether or not she was immediately concerned in negotiations, saying solely that she was ”centered on defending and combating for jobs in LA, together with important jobs within the leisure industry which have been a important half of Los Angeles’ financial system.”
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Now more than ever, we need productions to movie in Los Angeles.The leisure industry constructed this metropolis, and LA should stay the leisure capital of the world. That means combating to keep productions, and the good-paying union jobs they create, proper right here. pic.twitter.com/18nEeLitIh— Karen Bass (@KarenBassLA) September 17, 2026
”She’s been engaged on this situation and can proceed to battle to make sure LA is home to Hollywood,” a spokesperson mentioned.
Bonta’s spokesperson refused to substantiate or deny whether or not the attorney-general was back negotiating a settlement with Paramount over the antitrust litigation.
California Attorney General Rob Bonta campaigns for Democratic candidates Chris Kluwe and Chris Duncan in Huntington Beach, California, Tuesday, Sept. 1, 2026. Kluwe, a former NFL participant, is working for California State Assembly District 72, whereas Duncan is working for California State Senate District 36. ZUMAPRESS.com
“It’s no secret that Paramount has been making this threat, despite its alleged commitment to California and Hollywood,” the spokesperson mentioned.
“What Paramount decides to do is Paramount’s choice alone. We’ll continue to apply the law without fear or favor and continue to be open to coming to the table for good faith discussions.”
The newest studies recommend the fast menace of a California departure might have been put on ice — at the very least for now.
But with Paramount’s $111 billion Warner Bros. Discovery merger nonetheless dealing with a legal problem from Bonta and the opposite states, the longer term of Hollywood’s final main studio stays tied up in negotiations.
