Paramount says CNN sale 'on the table' to resolve California suit over Warner Bros deal
Paramount says a CNN sale is one option as state attorneys general argue the merger would raise prices and reduce competition.
- Paramount Skydance is keeping options "on the table," including a possible sale of CNN, to resolve California's antitrust suit challenging its $110 billion acquisition of Warner Bros Discovery.
- California Attorney General Rob Bonta and 11 other states filed to block the merger, arguing it would create a "media behemoth" capable of raising prices and reducing competition in film and television markets.
- Britain cleared the $110 billion takeover after extracting five-year guarantees on programming and editorial independence for CNN International and CBS News, leaving California's litigation as the final major regulatory obstacle.
- Paramount's legal officer Delrahim suggested the company may leave California, citing a "fiduciary duty to your shareholders" that dictates business decisions and referencing Xavier Becerra's desire to keep Hollywood in the state.
- State attorneys dismissed Paramount's pledge to release films annually as unenforceable, arguing the company could still raise prices and decrease quality after the merger despite clearances from China and other jurisdictions.
29 Articles
29 Articles
Ellison Grasps for Leverage to Save Paramount-Warner Deal
After expressing confidence that his company's $111 billion acquisition of Warner Bros. Discovery would be approved by the federal government by September, Paramount Skydance Chief Executive David Ellison has seen it appear more elusive—prompting him to pull one lever after another to pressure everyone involved. He was dismissive of...
(Seoul = Yonhap News) Reporter Seol Won-tae = Paramount is also considering selling CNN, a subsidiary of Warner Bros., to resolve legal issues surrounding its merger with Warner Bros....
California Pressured By Two Hollywood Unions to Settle Paramount-Warner Bros. Lawsuit
Crew union IATSE and the Directors Guild wrote a detailed letter to attorney general Rob Bonta to reach an agreement with David Ellison rather than drag out a fight to a court room next year.
Paramount Says It Will Sell CNN If It Could Settle California's Lawsuit
Paramount Skydance is actively weighing a range of potential remedies, among them a possible divestiture of CNN, as it seeks to overcome the final major regulatory barrier to its $110 billion acquisition of Warner Bros Discovery. The company’s chief legal officer addressed the matter during a conference in California this week, signaling that every available […] The post Paramount Says It Will Sell CNN If It Could Settle California’s Lawsuit app…
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