Markets 
Los Angeles County voted in favor of an analysis into the proposed merger between Paramount Skydance and Warner Bros. Discovery and its impact on the entertainment industry.
The Los Angeles County Board of Supervisors approved the motion Tuesday to have the Department of Economic Opportunity (DEO) conduct a “comprehensive economic impact analysis” on the direct and indirect impact the merger could have on employment in the county.
“Entertainment is more than what we watch on a screen—it’s part of who we are as Angelenos and a cornerstone of our economy. Thousands of families rely on this industry for their livelihoods, and we must protect their jobs and our signature industry,” Supervisor Lindsey P. Horvath said in a statement.
PARAMOUNT LAUNCHES HOSTILE TAKEOVER BID OF WARNER BROS DISCOVERY, SAYS OFFER IS ‘SUPERIOR’ TO NETFLIX DEAL
She continued, “As the proposed merger moves forward, we need a clear understanding of its impacts on jobs, competition, and the future of storytelling. Today, we took action to support workers, strengthen our local economy, and keep Los Angeles at the center of the global entertainment industry.”
According to Horvath, who proposed the motion, the DEO will “develop workforce strategies, including job training and placement programs, to support and retain entertainment industry workers” and report back to the Los Angeles board in 60 days with a final report due in 120 days.
Los Angeles County Counsel will then submit a final report to the Department of Justice regarding potential antitrust issues.
CBS NEWS UNION MEMBERS HOLD 24-HOUR WALKOUT OVER FAILED CONTRACT NEGOTIATIONS WITH MANAGEMENT
Actress Jane Fonda, who heads the Committee for the First Amendment, supported the motion for “fighting” for the entertainment industry.
“Los Angeles runs on the creativity and hard work of the people behind our entertainment industry. As this acquisition moves forward, we need to make sure workers and storytellers aren’t left behind. I’m grateful to Supervisor Lindsey Horvath for fighting for our industry and for the people who power it every day,” Fonda said.
Fox News Digital reached out to Paramount for a comment.
WHY NETFLIX’S CEO DROPPED HIS BID TO BUY WARNER BROS DISCOVERY AND TRUMP ‘DIDN’T CARE’
Paramount won the ongoing bidding war to purchase Warner Bros. Discovery in February, though the merger has not yet been finalized.
Critics of the bid have expressed concerns that the consolidation of two legacy studios under one company could lead to mass layoffs in the entertainment industry. Others have expressed fears over Paramount CEO David Ellison, who has a friendly relationship with President Donald Trump, having control over CNN.
Read the full article here
