Paramount-Warner Bros. merger would cost L.A. 4,500 jobs, study finds
A new L.A. County study says the David Ellison-led takeover would wipe out $4 billion in business output and $547 million in tax revenue.
By Hans Laetz
The stakes have just gotten higher in the Paramount takeover of Warner Bros.-Discovery.
Malibu resident David Ellison is trying to engineer the major studio takeover. And if he's successful, about 4,500 studio-related jobs will disappear in the Los Angeles region.
That's according to a new study commissioned by the Los Angeles County Board of Supervisors.
The economic impact of the proposed studio merger is stunning. L.A. County says the Paramount takeover will cost the region $1.26 billion in wages that would not be paid due to the consolidation. The ripple effect would mean $2.8 billion in L.A. County lost economic value — a $4 billion loss in total business output.
Plus, a loss of $547 million in L.A. County in tax revenue if Paramount takes over Warner Brothers.
Larry Ellison, who lives in Malibu, has already told his top staff to prepare to move Paramount to Texas or Tennessee if California's Attorney General Rob Bonta does not drop the state's lawsuit against the takeover.
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