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The potential departure would mark a major development for the American film industry, with the historic Hollywood studio reportedly considering relocating its headquarters and production operations outside California.<\/p>\n
According to a report by TMZ, discussions involving the office of Los Angeles Mayor Karen Bass and California Attorney General Rob Bonta indicate that an official announcement of Paramount\u2019s departure could come soon. Estimates cited in the report suggest the move could cost California between 28,990 and 57,980 full-time jobs across industries and between $10.6 billion and $21.2 billion in annual economic losses.<\/p>\n
Paramount sets October deadline<\/span><\/em><\/p>\n The dispute centres on the proposed Paramount-Warner Bros. merger. California Attorney General Rob Bonta and 11 other state attorneys general have taken legal action seeking to block the deal.<\/p>\n Paramount CEO David Ellison reportedly gave California authorities an October 1 deadline to reach a settlement. If no agreement emerges, the studio could move its headquarters and production operations to states including Texas, Tennessee or Georgia.<\/p>\n Negotiations over recent months have reportedly reached an impasse, with local authorities increasingly viewing a settlement as unlikely.<\/p>\n Potential blow to California\u2019s film industry<\/span><\/em><\/p>\n A departure by Paramount would remove a major Hollywood studio from California and add to concerns about the movement of film and television production to other states.<\/p>\n The development comes shortly after reports that American Idol will move production to Atlanta, reinforcing a trend that has seen major productions leave California in recent years.<\/p>\n Paramount responded to the reports with a brief \u201cNo comment\u201d.<\/p>\n US media reports have also claimed that money has already been paid to transportation companies to move television studio equipment to another location considered more favourable to Ellison\u2019s interests.<\/p>\n If Paramount ultimately relocates its headquarters and other operations outside California, the state could permanently lose tens of thousands of jobs and billions of dollars in annual economic activity, according to the estimates cited in the reports.<\/p>\n (Sources: TMZ, Deadline, Newsforce)<\/em><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n