Paramount-WBD Pact Is ‘Not a Done Deal,’ California AG Teases ‘Vigorous’ Investigation

California Attorney General Rob Bonta warned Paramount shouldn’t celebrate just yet over its successful Warner Bros. Discovery bid, given the arrangement is “not a done deal.”

The lawyer and politician issued a statement Thursday evening after WBD declared earlier in the day that Paramount’s latest offer of $31 per share was a “superior proposal,” prompting Netflix to decline to match its rival’s bid.

“Paramount/Warner Bros. is not a done deal,” Bonta said in a statement to media. “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.”

Bonta’s comments echo last week’s sentiment, in which he made it clear that his office would review a WBD sale no matter who put forth the winning bid, noting that market consolidation has led to “increased unaffordability, a loss of good-paying job opportunities and fewer choices for consumers.” He added that California’s film and entertainment industry “not only has historical importance to our state,” but is also a “critical sector that buoys the state’s economy of California and touches the lives of Americans daily.”

Of course, Bonta was not the only local politician to weigh in on Paramount emerging victorious in its quest to obtain WBD. Rep. Laura Friedman (D-CA) issued her own statement shortly after the news went public, reiterating her demand for concrete commitments to be put in place to protect Hollywood jobs.

“For us, Hollywood isn’t just an internationally recognized name, it’s the powerhouse behind our local economy that supports tens of thousands of jobs. From the beginning I’ve said that any deal needs to bring production and jobs back to the United States and Hollywood and lower costs for consumers,” the congresswoman said. “We also know what we really need: a national film tax credit. It’s working in California and it will work across the country. I’ll keep fighting to ensure it gets done and American businesses and workers can compete on a level playing field with the rest of the world.”

Senator Adam Schiff (D-CA) expressed a similar sentiment, noting that the expectations they had for Netflix would remain for Paramount as the latter emerges as the new victor in the bidding war.

“What was true for Netflix is still true now for Paramount,” the senator said in a statement. “The merger of two of Hollywood’s biggest studios must be subject to the highest levels of scrutiny, free from White House political influence, to determine its impact on American jobs, freedom of speech and the future of one of our nation’s greatest exports.”

He added: “We need to bring moviemaking back to our shores, increase production, and invest in our workforce. For the sake of America’s moviemaking workforce and movie lovers everywhere, I will continue to push all parties to do their part.”

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