California AG Bonta asserts Paramount-WBD deal would need robust concessions from Ellison

California Attorney General Rob Bonta said Thursday it would take “robust” concessions from Paramount boss David Ellison to settle an antitrust lawsuit brought by 12 lefty state attorneys general against his acquisition of Warner Bros.Discovery.Bonta told CNBC’s David Faber that he would need “really robust structural remedies” from Paramount to address the anticompetitive risks mentioned in the lawsuit – specifically that the new firm would control one-third of films and nearly a third of cable TV programming.“[Paramount] wanted to talk about everything except for what this case is about.

They want to talk about the streaming market, which we don’t allege in our complaint.They want to talk about CNN, which is not a focus of our complaint.

They want to talk about the foreign regulators,” Bonta said.He said it’s no secret that Ellison is eager to reach a settlement – since a lengthy court battle could force Paramount to shell out an extra $7 million per day until the deal is closed – but that such an agreement would need to include assurances on those film and TV concerns.“I will say that coming to the table has always been on the table.And if Ellison and Paramount want to come to the table in good faith and talk, we want to talk, too.

We’re happy to have that conversation,” Bonta said. “We do prefer to resolve cases in the boardroom instead of the courtroom, but for now we’re bringing our case, and, you know, I hope they can focus on the actual allegations we make in our complaint.”Paramount did not immediately respond to The Post’s request for comment.The $110 billion deal would combine HBO Max, Paramount+, HBO, CBS, CNN and thousands of movie titles under one company led by Ellison, the son of Oracle billionaire and close Trump ally Larry Ellison.In a July 13 complaint, a group of state attorneys general – led by Bonta and including New York’s Letitia James – alleged the new conglomerate will control 30% of movies th...