Media
Paramount makes concessions to salvage $111 billion Warner Bros. Discovery deal
California Attorney General Rob Bonta defended his settlement of an antitrust challenge to Paramount’s $111 billion takeover of Warner Bros. Discovery on Tuesday, denying that pressure to keep the company in Hollywood drove the timing of the agreement.
Read more Sri Lanka court convicts 15 over deadly 2019 Easter bombings
Paramount had reportedly considered moving operations out of California as the legal battle continued. Asked on how much that possibility factored into the timing, Bonta said, “Not at all. We focused on our antitrust concerns in this case.”
Bonta had sounded more ambivalent a day earlier, stressing that the settlement was “not a vote of support for this merger” even as he called it the “best course of action.” On Tuesday, he was less equivocal: “We were making demands, and we were requiring that there be certain conditions and commitments,” he said.
The settlement, which still needs a judge’s approval, would resolve a lawsuit filed by 12 states to block the merger, a major legal obstacle to the deal. It also creates an editorial board intended to protect the independence of CNN and CBS News. It’s one of the more closely watched provisions in the agreement.
Read more Trump heads to U.N. looking for wins after a rough week
“The state of California will have no input in it. No government entity will have any input into it,” Bonta said. “It will consist of seasoned, experienced, hopefully trusted journalists who know the craft and know the need for independence and objectivity and fairness.”
Bonta said the standards that would determine whether the people selected to the board meet the settlement requirements were negotiated as part of the settlement and were designed to keep the board independent. He also said an auditor would monitor compliance and that the states could return to court if Paramount failed to follow the consent decree.
The agreement has not quieted its critics. Connecticut Attorney General William Tong said his state had pushed for the full divestiture of CNN and CBS News and was “deeply disappointed” the settlement did not go further. Others say it does too little to address media consolidation, potential job losses and whether the new editorial safeguards will hold.
Read more The House Freedom Caucus has to transform — it could preview the GOP’s post-Trump era