“We are tentatively planning to close in approximately two weeks,” says Paramount’s David Ellison.
Paramount Skydance has settled a lawsuit with a dozen US states, paving the way for its $110b (AU$150b) merger with Warner Bros Discovery.
Under the agreement, Paramount must produce at least 30 films a year and ensure a certain percentage are produced in the US, or face penalties including selling off parts of its business.
The deal clears one of the final hurdles for the merger that is set to reshape Hollywood, combining legacy studios, major streamers, and national networks under one umbrella.
In a note to global staff Paramount‘s David Ellison wrote, “Just a few moments ago, California Attorney General Rob Bonta, on behalf of himself and 11 other State AGs, announced a settlement that clears the path forward on the lawsuit blocking our merger with Warner Bros. Discovery. We have also reached a settlement with the Writers Guild of America.
“With both groups’ concerns now addressed, we have complete clearance for this merger and can move toward closing. There’s still work ahead to get this deal across the finish line, but we’re excited to bring these two iconic companies together, as it means more opportunity for our creatives, production crews and employees across the business, and more great entertainment for audiences everywhere. ”
Just what it means for Australian-based companies, 10, Paramount+, HBO Max and Warners, is less clear.
“I know you have questions about what happens next – your role, your team and how we will work day to day. We don’t have all the answers yet, and I won’t pretend otherwise. We are tentatively planning to close in approximately two weeks. That said, closing is really just the starting line. Bringing two companies this size together takes time, and we’ll share information as it becomes available,” Ellison advised.
Source: BBC