Paramount Reportedly Considering Leaving California
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Another major company might be leaving California.
According to a new report, advisers of Paramount chief David Ellison are urging him to relocate Paramount.
California is reportedly one of the states preparing a lawsuit to block the takeover of Warner Bros. Discovery by Paramount.
If Paramount did move its corporate headquarters, $30 million in planned spending would also go to another state.
Paramount is reportedly considering leaving California as the Golden State and others are said to be preparing a lawsuit over its planned $111 billion takeover of Warner Bros. Discovery.
On Sunday, Semafor reported that “friends and advisers” to Paramount chief David Ellison have been urging him to consider relocating his corporate headquarters out of the state. The news comes as California and other states are “preparing to file” a lawsuit to block the merger, according to The New York Times.
Citing “people familiar with the discussions,” Semafor reported that Ellison is being “pushed” to consider relocating out of state, which would also move $30 million in planned spending out of California, if Attorney General Rob Bonta sues to block the deal.
However, the news outlet noted that no decision has been made regarding a move. It’s worth noting that Paramount did buy space in New Jersey last year. The studio signed a 10-year lease to occupy more than 285,000 square feet of 1888 Studios’ production campus in Bayonne, which potentially makes Paramount eligible to receive a tax credit of up to 40 percent for movies and TV shows filmed in the state.
Other major companies have left California over the last few years.
Chevron, Oracle, and Tesla all moved to Texas.
If Paramount ultimately relocates, it would join a growing list of major companies that have moved their headquarters after disputes with California regulators.
Chevron shifted its headquarters from San Ramon, Calif. to Texas two years ago, while Oracle and Tesla have also established headquarters in the Lone Star State.
The Democrat party is destroying California.
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