LA and Calif. Reeling After Woke, Anti-Trump Antics Drive Out Paramount, Taking up to $21B in Output, 60K Jobs, and $1B in Taxes
New reports say that Paramount is packing its bags and leaving California after state officials refuse to drop a lawsuit to block Paramount’s merger with Warner Bros. Discovery.
As noted by Variety, the Trump administration is siding with Paramount against states trying to block the merger. The Department of Justice approved the merger in June.
But that was not good enough to California Attorney General Rob Bonta, who took the anti-Trump side and corralled 11 partners to block the merger, according to TMZ.
In response, Paramount said California could either pull the suit, or it would pull up stakes.
With California refusing to budge, Paramount has told the offices of Bonta and Los Angeles mayor Karen Bass that it is planning to leave the state. No public announcement has been made.
The communication was also reported by Deadline, which noted that “American Idol” is leaving California for Georgia.
But the damage will be far worse.
California could lose up to 58,000 jobs and more than $21 billion a year if Paramount leaves the state, according to the New York Post.
A report from the Los Angeles County Economic Development Corp.’s Institute for Applied Economics said between 28,990 and 57,980 full-time jobs would be lost.
The overall economic impact could be between $10.6 billion and $21.2 billion a year, while governments would lose between $585 million and $1.17 billion a year in tax revenue.
“Rob Bonta wants to play antitrust crusader while California jobs hang in the balance,” state Republican Chairwoman Corrin Rankin said.