Home / Business and Economy / Paramount Stays Put: LA HQ Secured in Deal
Paramount Stays Put: LA HQ Secured in Deal
21 Sep
Summary
- Paramount lot and Warner Bros. lot to remain operational for five years.
- Merged company will be headquartered in Los Angeles.
- Settlement ends lawsuit filed by 12 state attorneys general.
Paramount has officially confirmed its headquarters will remain in Los Angeles following the settlement of an anti-trust lawsuit. This resolution ensures that both the Paramount lot on Melrose and the Warner Bros. lot in Burbank will be maintained for the next five years.
California Attorney General Rob Bonta stated that the protection of these iconic lots was a crucial part of the settlement, emphasizing a long-term commitment to the company's presence in Los Angeles.
This decision puts an end to weeks of speculation and alleged ultimatums regarding a potential move of Paramount's headquarters. The company aims to produce over 30 movies annually and expand U.S. film production.
The consent decree mandates that the bulked-up post-merger Paramount must operate these lots consistent with past practices, including leasing to third parties and producing content.
