California Attorney General Rob Bonta stated on Tuesday that there are currently no discussions underway regarding a settlement with Paramount Skydance to resolve the antitrust lawsuit aimed at blocking the studio’s proposed $110 billion acquisition of Warner Bros Discovery.
Bonta mentioned that he had to cancel a meeting that was planned for Monday after confidential details from settlement discussions were leaked to the media, which he described as “unacceptable.”
“If they are ready to rectify things and interact sincerely and in good faith, we are always open to meeting, as we are with any involved party,” Bonta commented during a press conference on public safety matters.
Paramount has been advocating for a settlement in this case, which, alongside a separate lawsuit by the Writer’s Guild of America, represents the final obstacle to the deal. The studio is facing significant fees and expenses to maintain the deal if Bonta’s lawsuit works its way to a trial set for March. Bonta, along with other states, has achieved crucial rulings thus far, which grant them leverage if talks continue.
The studio denied being the source of the leaks.
A spokesperson for Paramount expressed on Monday that the company shares Bonta’s concerns about the public discourse and inaccuracies surrounding the deal.
Bonta reiterated that merging two prominent Hollywood studios could lead to increased prices for consumers, fewer options, and diminished quality in films and television series. He also referenced a report from Los Angeles County projecting a loss of 4,500 film and television jobs within three years of the merger, which would impose an economic burden on the community.
The attorneys general are pursuing solutions that address their worries about the deal’s potential effects on widely released films and basic cable television services.
“They understand what I’m asking, and it’s up to them if they want to propose something that meets my concerns and those of the other attorneys general,” Bonta said. “So far, they haven’t.”
Bonta indicated that commitments to release a combined 30 films each year from both Paramount and Warner Bros are insufficient to meet the remedies he and his counterparts are looking for.
