Paramount demands US$1.9bil surety over states’ merger lawsuit
The demand reflects the pressure on Paramount, with a US$7 million-a-day “ticking fee” set to kick in for Warner Bros shareholders if the takeover is not completed by Oct 1.
Paramount Skydance, run by David Ellison, has demanded a US$1.9 billion surety from California and other US states to cover potential fees if the merger with Warner Bros is delayed, according to a lawsuit filed on Monday. Ellison's family is a close ally of US President Donald Trump. The bid is part of a high-stakes dispute with a coalition of liberal states who argue that the merger would negatively impact filmmakers and moviegoers.
Paramount's offer to acquire Warner Bros Pictures, CNN, and HBO Max for US$110 billion has faced criticism from industry opponents who claim the combined entity would result in job cuts and decreased film production. The lawsuit comes amid a ticking US$7 million daily fee that Warner Bros shareholders must pay if the takeover is not finalized by October 1.
If approved, the suit would hold California, the 11 other states, and the Writers Guild of America responsible for the costs if their legal action fails.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- Paramount demands US$1.9bil surety over states’ merger lawsuit freemalaysiatoday.com
- Paramount demands $1.9 billion to cover fees over states' merger lawsuit lemonde.fr
