California AG Bonta open to Warner Bros. settlement talks if Paramount 'stops playing games'

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Rob Bonta made it clear Tuesday he holds the power to extract major concessions in the battle over the proposed Paramount-Warner Bros.merger.A day after canceling settlement talks, Bonta said he remains open to meeting with Paramount Skydance executives to find remedies to resolve the antitrust lawsuit stalling David Ellison’s $111-billion takeover, but called on the company to end its “amateur hour” conduct.

“If you want to have an adult, legitimate, serious settlement discussion — no problem,” Bonta said during an appearance in Los Angeles.“But if you want to play games, we’ve got better things to do.”The attorney general, who is leading the coalition of 12 states that filed an antitrust lawsuit to block the merger, repeated his stance that Paramount must make significant concessions to end the court battle — such as selling cable television channels.

However, Ellison has been resistant because his company will need the steady cash flow from Warner’s basic cable channels, including TBS, TNT and CNN, to make payments on $80 billion in debt Paramount will take on to finance the industry-reshaping deal.Ellison’s promise to release 30 movies a year, following the merger, won’t cut it, the attorney general said.

Hollywood Inc.Paramount’s merger with Warner Bros.

Discovery could lead to massive job losses, battering an already fragile L.A.entertainment economy.Bonta, who was speaking at a news conference to highlight public safety, expressed frustration with Paramount after weeks of drama.

Paramount first threatened to leave California if Bonta continues to wage his court battle.Then, on Friday, Paramount accused actor Mark Ruffalo (a staunch deal critic) of making antisemitic comments, prompting prominent Jewish organizations to join the fray.

One Jewish l...