Now that the path is clear for Paramount to acquire Warner Bros. Discovery for $110 billion, the legacy studio is keeping its headquarters in Los Angeles, CEO David Ellison said Monday.
The executive assured in a follow-up statement to the morning’s settlement news with California Attorney General Rob Bonta and others that he’s “eager to get to work building a stronger Hollywood.”
“Now that we reached and announced a settlement, we’re eager to get to work building a stronger Hollywood,” Ellison said. “Let me be clear: the newly merged company will be headquartered in Los Angeles. We aren’t going anywhere. Our history is here and this is where our future is being built.”
As TheWrap reported earlier Monday, the terms of the settlement between Paramount and the 12 state AGs suing to block its merger with WBD did not explicitly require Paramount’s headquarters to stay in California. The terms did, however, mandate that Paramount and Warner Bros. maintain operations of their respective studio lots, assuaging concerns raised when the Ellison-run studio had threatened to leave the state and floated the prospect of getting rid of its Los Angeles facilities. Bonta also separately expressed confidence that Ellison’s joint studio would remain in L.A.
His confidence was proven correct later Monday with Ellison’s statement, despite reports over the last week of Paramount looking at real estate in other markets like Texas and Nashville, where his father Larry’s Oracle recently set up shop.
In a memo staff announcing the news and previewing next steps, Ellison said of the settlements with the 12 state AGs and Writers Guild of America that “we have complete clearance for this merger and can move toward closing. There’s still work ahead to get this deal across the finish line, but we’re excited to bring these two iconic companies together, as it means more opportunity for our creatives, production crews and employees across the business and more great entertainment for audiences everywhere.”
He also stated that Paramount leadership is “tentatively planning to close in approximately two weeks.”
