Paramount is ‘deadly serious’ about leaving Hollywood as fight erupts over $111B merger

Paramount says its “deadly serious” about leaving California as LA Mayor Karen Bass vows to fight to keep the entertainment jobs in Hollywood.

Sources within the studio made the comments to Deadline on Wednesday after reports emerged that Paramount came within a whisker of announcing they were leaving Los Angeles.

The studio has been threatening to leave the state it’s called home for more than 100 years over antitrust litigation being spearheaded by California’s attorney-general Rob Bonta in conjunction with 12 other states to block the company’s $111 billion merger with Warner Bros. Discovery.

Paramount, which is based on the historic Melrose Avenue studio lot, is the last major studio to call Hollywood home.

A report obtained by The Post previously warned that a Paramount departure could cost California up to 58,000 jobs, $21 billion in economic output and as much as $1.17 billion in annual tax revenue.

TMZ reported Wednesday that Paramount came close to leaving California, but backed down at the last minute and is now back at the negotiating table.

The reports have put fresh pressure on city and state officials to keep the entertainment giant from joining the exodus of production and entertainment jobs from Hollywood.

When The Post contacted Bass’ office, the mayor wouldn’t confirm whether she was directly involved in negotiations, saying only that she was ”focused on protecting and fighting for jobs in LA, including critical jobs in the entertainment industry that have been a vital part of Los Angeles’ economy.”

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”She’s been engaged on this issue and will continue to fight to make sure LA is home to Hollywood,” a spokesperson said.

Bonta’s spokesperson refused to confirm or deny whether the attorney-general was back negotiating a settlement with Paramount over the antitrust litigation.

“It’s no secret that Paramount has been making this threat, despite its alleged commitment to California and Hollywood,” the spokesperson said.

“What Paramount decides to do is Paramount’s choice alone. We’ll continue to apply the law without fear or favor and continue to be open to coming to the table for good faith discussions.”

The latest reports suggest the immediate threat of a California departure may have been put on ice — at least for now.

But with Paramount’s $111 billion Warner Bros. Discovery merger still facing a legal challenge from Bonta and the other states, the future of Hollywood’s last major studio remains tied up in negotiations.