The details of Paramount’s deal with 12 states settling their antitrust case — paving the way for its takeover of Warner Bros. Discovery, the biggest merger in Hollywood history — have been revealed.
\n\nAmong the top-line items: Paramount is agreeing to keep its operations in California and has committed to not sell the Paramount Studios or Warner Bros. lots in the state for at least five years. That comes after Paramount Skydance chief David Ellison had threatened to pull up stakes from the Golden State if he couldn’t close the WBD deal by Oct. 1.
\n\nUnder the terms of the proposed settlement, Paramount will invest an additional $300 million on film production in the U.S. annually — for a total of at least $1.5 billion — and is obligated to release at least 30 movies for theatrical distribution per year (something Ellison has repeatedly promised he would do).
\n\nThe company also has agreed to have a third-party entity — a “news editorial independence board” — oversee news operations of CNN and CBS News, a measure intended to maintain their editorial independence under Paramount’s ownership.
\n\nThe terms of the settlement would run conclude on fifth calendar year that follows the closing…
Original source: https://variety.com/v/tv/