{"id":462343,"date":"2026-09-13T06:38:18","date_gmt":"2026-09-13T06:38:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/462343\/"},"modified":"2026-09-13T06:38:18","modified_gmt":"2026-09-13T06:38:18","slug":"paramount-leaving-california-will-devastate-los-angeles-economy","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/462343\/","title":{"rendered":"Paramount Leaving California Will Devastate Los Angeles Economy"},"content":{"rendered":"

\n\tA leaked report from the Los Angeles Economic Development Corporation outlines devastating aftershocks that would follow if David Ellison<\/a> pulled Paramount Skydance<\/a> out of California.<\/p>\n

\n\tA copy of the report<\/a> published by Politico reads, \u201cAt a minimum, relocating Paramount\u2019s headquarters and other operations out of California would result in losses of 2,750 and 5,550 job-years in California across all industries and losses of between $1.01 billion and $2.03 billion in economic output between October 1, 2026, and September 30, 2031.\u201d<\/p>\n

\n\tReps for Paramount had no comment on the matter. <\/p>\n

\n\tIn August, news broke of Ellison\u2019s plan to take Paramount Skydance out of the Golden State<\/a> if California Attorney General Rob Bonta<\/a> and a coalition of other state AGs did not come to the bargaining table and settle their lawsuit to stop the $111 billion merger between Paramount Skydance and Warner Bros.<\/a> Ellison gave the AGs until Oct. 1, or he would start packing. The company is considering states such as Georgia, Texas and Tennessee.<\/p>\n

\n\tThe report went on to outline some big-picture stats for if and when Paramount Skydance completed the move: \u201cOnce Paramount completed the entire relocation of its headquarters and other operations out of California, the state would experience the permanent loss of approximately 28,990 to 57,980 full-time jobs statewide across all industries, and losses of between $10.6 billion and $21.2 billion annually in economic output.\u201d<\/p>\n

\n\tOn Oct. 1, Paramount Skydance will have to start paying a \u201cticking fee\u201d to Warner Bros. Discovery shareholders of $7 million a day until the deal closes. The trial between Ellison and the AGs is scheduled to start on March 2<\/a>, meaning that without a settlement, Paramount is on the hook for about $1.3 billion to WBD shareholders.<\/p>\n

\n\tIn late August, progress toward a settlement seemed promising after Bonta and Ellison scheduled a meeting on Aug. 24. In a last-minute move, Bonta canceled the meeting<\/a>, accusing the Paramount camp of leaking details of their discussions. Paramount denied the accusations, but Bonta did not relent, saying in a statement he won\u2019t return to settlement talks until they put a \u201clid on their lying leaks.\u201d<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"A leaked report from the Los Angeles Economic Development Corporation outlines devastating aftershocks that would follow if David…\n","protected":false},"author":2,"featured_media":462344,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[7,9,8,21405,61135,2794,14955],"class_list":["post-462343","post","type-post","status-publish","format-standard","has-post-thumbnail","category-california","tag-california","tag-california-headlines","tag-california-news","tag-david-ellison","tag-paramount-skydance","tag-rob-bonta","tag-warner-bros"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/462343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=462343"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/462343\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/462344"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=462343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=462343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=462343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}