The massive $111 billion Paramount Skydance purchase of Warner Bros Discovery is still “not a done deal” according to California’s Attorney General.
The sale rocked Hollywood in a transaction that is sure to change the industry and create a new entertainment giant. California AG Rob Bonta was quick to quell the excitement in the hours after news of the sale went public.
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“Paramount/Warner Bros is not a done deal. These two Hollywood titans have not cleared regulatory scrutiny — the California Department of Justice has an open investigation, and we intend to be vigorous in our review,” Bonta tweeted.
Marvel star Mark Ruffalo was quick to support Bonta’s words, expressing his own concerns about the deal killing smaller competition in the movie business.
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“Please let’s circle up all the State AG’s and talk about how this is going to kill completion in the industry and drive down wages, and product quality for consumers,” Ruffalo posted.
“There are lots of agents in Hollywood who can tell you how past mergers and consolidations have hurt their clients and business. There is lots of talent that can tell you the same,” he added.
Bonta assured Ruffalo in their social media exchange that his team would do everything in its power to make sure the industry remains protected. “As the epicenter of the entertainment industry, California has a special interest in protecting competition,” he said.
