Cinema United Says Paramount Settlement Is Good for Theaters
"The agreement announced yesterday accomplishes many of exhibition’s objectives," the lobbying group's president and CEO Michael O'Leary says The post Cinema United Says Paramount Settlement Is Good for Theaters appeared first on TheWrap .
Cinema United, the trade organization representing movie theater owners, has endorsed a recent settlement between Paramount and 12 state attorneys general. The agreement enables the acquisition of Warner Bros. Discovery by Paramount. Cinema United CEO Michael O’Leary emphasized that the settlement safeguards theaters worldwide while advancing the industry's goals.
The decree mandates $300 million in annual domestic production, or $1.5 billion over five years, with 30 films the first two years and 32 in subsequent years. At least four films yearly must be independent, and 20% of all productions should be blockbusters. If Congress passes a film tax credit, 20% of production must be in the U.S. for the first two years and 30% for the following three years.
An editorial board will monitor CNN and CBS News' independence, comprising five seasoned journalists. Paramount and Warner Bros. Discovery must negotiate their cable packages separately for five years to maintain competition. They also must continue operating Pluto TV, a free, ad-supported service. The merger must preserve the studio lots and honor collective bargaining agreements.
A $9.5 million annual fund will support workforce training in film and television production. An independent monitor and a committee of five states will oversee compliance. Violations may result in penalties, divestitures, and the sale of channels and a stake in Miramax.
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