Production company

California Attorney General Rob Bonta and Paramount Skydance reached a settlement Monday, resolving an antitrust lawsuit that had threatened to derail Paramount's $111 billion acquisition of Warner Bros. Discovery. The suit, joined by attorneys general from 11 other states, had prompted Paramount CEO David Ellison to reportedly warn senior leaders that the company was "not wanted" in California, fueling speculation the studio could relocate.

The dispute is the latest episode in California's long-running effort to keep film and television production in-state. Since 2009, the state has repeatedly expanded its production tax credit, from an initial $100 million annually under Gov. Schwarzenegger to $750 million a year through 2030 under Gov. Newsom, who called the industry "on life support." Lawmakers also created a new post-production tax credit and formed a legislative committee dedicated to retaining Hollywood jobs as other states aggressively court productions with their own incentives.