Arizona has joined 11 other states in a settlement with Paramount over its $110 billion acquisition of Warner Bros. Discovery.
Paramount agreed to release at least 30 films a year the first two years. Four of those must be independent and $300 million must be contributed to United States production.
Richie Taylor, spokesperson for Arizona’s Attorney General Officer, says the release agreements could help local theaters.
“Local theaters really depend on these releases to bring audiences to their theaters, and that's important for their business but also important for the businesses nearby," said Taylor.
If film output is not met, Paramount must sell or give up its 49% stake of the TV and film company, Miramax. Paramount must also pay $30 million towards unions, the Motion Pictures & Television Fund and the National Association of Attorneys General.
Under the agreement, Paramount must also establish a board to shield CNN and CBS from corporate intervention so their newsrooms can maintain editorial independence.
Most agreements in the settlement expire after five years. Court approval of the settlement is pending.
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