California settles lawsuit against Paramount/Warner merger, angering advocates
California settles lawsuit against Paramount/Warner merger, angering advocates
加州就派拉蒙与华纳合并案达成和解，引发倡导者不满
California and Paramount Skydance have reportedly reached a settlement allowing the company to complete its $111 billion merger with Warner Bros. Discovery. The settlement, which will reportedly be announced later today, drew condemnation from Democrats and media advocates. 据报道，加利福尼亚州与派拉蒙天空之舞（Paramount Skydance）已达成和解，允许该公司完成其与华纳兄弟探索公司（Warner Bros. Discovery）价值 1110 亿美元的合并案。该和解协议预计将于今日晚些时候公布，但已招致民主党人和媒体倡导者的谴责。
“The Paramount/Warner Brothers merger seems facially illegal, and the state AG lawsuit challenging it is very strong,” Lina Khan, who chaired the Federal Trade Commission during the Biden administration, wrote yesterday. “It’s troubling to hear that the states may now settle for behavioral remedies, allowing the deal to go through subject to various promises from the firms. Behavioral remedies routinely fail, and the stakes here are particularly high given that a strong democracy requires open markets for sound journalism and creative expression.” “派拉蒙与华纳兄弟的合并在表面上似乎是非法的，州总检察长对此提起的诉讼非常有理有据，”拜登政府时期的联邦贸易委员会主席莉娜·汗（Lina Khan）昨日写道。“听到各州现在可能通过‘行为补救措施’达成和解，允许该交易在公司做出各种承诺的前提下通过，这令人不安。行为补救措施通常会失败，考虑到一个强大的民主制度需要开放的市场来保障健全的新闻报道和创意表达，此事的利害关系尤为重大。”
After news of advanced settlement talks was reported over the weekend, Bloomberg reported today that Paramount reached an agreement with California and other states that sued to block the merger. “Settlement talks came to fruition over the weekend after four states that had opposed terms of a deal outlined with California conceded,” Bloomberg wrote, citing a person familiar with the matter. The New York Times reported the deal a bit later, saying that “four people familiar with the negotiations” confirmed it. 在周末传出和解谈判取得进展的消息后，彭博社今日报道称，派拉蒙已与加州及其他起诉阻止合并的州达成协议。彭博社援引一位知情人士的话称：“在四个曾反对加州所概述交易条款的州做出让步后，和解谈判于周末达成。”《纽约时报》稍后报道了该协议，称“四位熟悉谈判的人士”证实了此事。
The settlement was also confirmed in a Wall Street Journal report that said “the combined company is set to emerge with nearly $80 billion in debt—a substantial burden already expected to weigh on its investments in the business.” 《华尔街日报》的一篇报道也证实了该和解协议，称“合并后的公司将背负近 800 亿美元的债务——这一沉重负担预计将对其业务投资产生压力。”
Advocates unhappy with California AG
倡导者对加州总检察长表示不满
Media advocacy group Free Press criticized California Attorney General Rob Bonta. “We are disappointed that Attorney General Bonta went back on his promise to enforce the law and protect consumers and workers,” Free Press co-CEO Jessica J. González said. “Hundreds of thousands of people called on our state AGs to stand up to the Ellisons, who have engaged in a campaign of corruption and extortion to pave the way for this unlawful merger.” 媒体倡导组织“自由新闻”（Free Press）批评了加州总检察长罗伯·邦塔（Rob Bonta）。“我们对邦塔总检察长违背其执行法律、保护消费者和工人的承诺感到失望，”自由新闻联席首席执行官杰西卡·J·冈萨雷斯（Jessica J. González）表示。“成千上万的人呼吁我们的州总检察长站出来对抗埃里森家族（Ellisons），他们为了给这次非法合并铺平道路，进行了一场腐败和勒索运动。”
John Bergmayer, legal director at advocacy group Public Knowledge, said the settlement “does not address the central problem with this merger: the loss of competition. This merger leaves fewer studios competing for scripts and talent, gives one company greater power to dictate terms to distributors, and reduces streaming choices. Consumers will face higher prices, while writers and other creative workers will have fewer employers bidding for their work.” 倡导组织“公共知识”（Public Knowledge）的法律总监约翰·伯格迈尔（John Bergmayer）表示，该和解协议“并未解决此次合并的核心问题：竞争的丧失。这次合并导致竞争剧本和人才的工作室减少，赋予了一家公司更大的权力来向分销商发号施令，并减少了流媒体的选择。消费者将面临更高的价格，而编剧和其他创意工作者将面临更少的雇主竞标他们的作品。”
According to Bloomberg, the Paramount/California deal was initially opposed by Massachusetts, New York, Connecticut, and Minnesota. But the state attorneys general “ultimately concluded the expense of the legal battle was not justifiable without California at the helm,” the report said. “The states that held out longer did succeed over the past week in securing independent editorial boards for CBS and CNN as part of the deal,” Bloomberg’s report said. Paramount reportedly also agreed to terms that “include a financial penalty if the company fails to make good on a promise to distribute 30 films per year in theaters.” 据彭博社报道，派拉蒙与加州的协议最初遭到了马萨诸塞州、纽约州、康涅狄格州和明尼苏达州的反对。但报告称，这些州的检察长“最终认为，在没有加州牵头的情况下，法律诉讼的成本是不合理的”。彭博社的报道称：“在过去一周里，那些坚持时间较长的州确实成功地为 CBS 和 CNN 争取到了独立的编辑委员会，作为交易的一部分。”据报道，派拉蒙还同意了相关条款，“如果公司未能兑现每年在影院发行 30 部电影的承诺，将面临经济处罚。”
Update: Bonta confirmed the settlement in a press release on Monday, and the proposed settlement was submitted in court for a judge to review. 更新：邦塔周一在新闻发布会上证实了该和解协议，拟议的和解方案已提交法院供法官审查。
“Oversight committee won’t save CNN”
“监督委员会救不了 CNN”
González said that “a fake bipartisan oversight committee won’t save CNN. We have all the evidence we need from the Ellisons’ destruction of CBS about what they do to warp journalism at Donald Trump’s request. This latest capitulation comes as the Trump administration barred CNN and other reporters who dare ask hard questions from the White House press pool.” 冈萨雷斯表示，“一个虚假的跨党派监督委员会救不了 CNN。我们从埃里森家族对 CBS 的破坏中已经掌握了所有证据，证明他们是如何应唐纳德·特朗普的要求扭曲新闻报道的。这次最新的投降发生之际，特朗普政府正禁止 CNN 和其他敢于提出尖锐问题的记者进入白宫新闻发布厅。”
Bergmayer said that “independent editorial boards for CBS and CNN may be better than nothing,” but “are far short of actual independence. The states were right to challenge this merger after federal enforcers failed to act. They should insist on a settlement that preserves competition—or wait for their day in court.” 伯格迈尔表示，“为 CBS 和 CNN 设立独立的编辑委员会或许聊胜于无”，但“远未达到真正的独立。在联邦执法机构不作为的情况下，各州挑战此次合并是正确的。他们应该坚持达成能够维护竞争的和解协议，或者等待在法庭上见分晓。”
Netflix originally had a deal to buy Warner Bros. but backed out after it became clear the Trump administration preferred Paramount. Paramount CEO David Ellison reportedly wooed Trump administration officials with a promise to make big changes at the Warner-owned CNN. Trump’s Justice Department approved the deal in June. The Federal Communications Commission last week allowed Paramount to finance the merger by selling large equity stakes to the sovereign wealth funds of Saudi Arabia, the United Arab Emirates, and Qatar. Netflix 最初曾达成收购华纳兄弟的协议，但在明确特朗普政府更倾向于派拉蒙后退出了。据报道，派拉蒙首席执行官大卫·埃里森（David Ellison）通过承诺对华纳旗下的 CNN 进行重大改革，赢得了特朗普政府官员的青睐。特朗普的司法部于 6 月批准了该交易。联邦通信委员会上周允许派拉蒙通过向沙特阿拉伯、阿拉伯联合酋长国和卡塔尔的主权财富基金出售大量股权来为合并融资。
States’ lawsuit was going well
各州的诉讼进展顺利
Twelve states led by California sued to block the deal in July and were able to delay the merger’s completion when a federal judge ruled that the combination would likely reduce competition substantially and violate antitrust laws. The deal will let Paramount combine two of the largest movie studios, merge streaming service Paramount+ with HBO Max, and take ownership of CNN and other TV channels. 由加州牵头的 12 个州在 7 月提起诉讼以阻止该交易，并成功推迟了合并的完成，当时一位联邦法官裁定，此次合并可能会大幅减少竞争并违反反垄断法。该交易将使派拉蒙能够合并两家最大的电影制片厂，将流媒体服务 Paramount+ 与 HBO Max 合并，并获得 CNN 和其他电视频道的所有权。
Bonta alleged in July that “the unlawful merger of these two entertainment behemoths would lead to higher prices, lower quality, and less content for film and television, harming movie theaters, basic cable distributors, and ultimately, audiences on every sofa and movie theater seat in the US.” 邦塔在 7 月指控称，“这两家娱乐巨头的非法合并将导致电影和电视价格上涨、质量下降、内容减少，从而损害电影院、基础有线电视分销商，并最终损害美国每一张沙发和电影院座位上的观众。”
Democratic lawmakers who oppose the deal had been pinning their hopes on the California lawsuit. “Paramount, run by the Ellisons, should not own both CBS and CNN. California must not cave and take a deal that leaves both under the same owner,” US Rep. Ro Khanna (D-Calif.) wrote Saturday. US Rep Jamie Raskin (D-Md.) urged state attorneys general to “hang tough” against the merger. “At a time of massive economic concentration, accelerating monopoly and growing MAGA political capture of America’s media institutions, we need the state AGs to vigorously defend antitrust principles and freedom of expression.” 反对该交易的民主党议员曾将希望寄托在加州的诉讼上。“由埃里森家族经营的派拉蒙不应同时拥有 CBS 和 CNN。加州绝不能屈服并接受一项让两者处于同一所有者之下的交易，”美国众议员罗·康纳（Ro Khanna，加州民主党人）周六写道。美国众议员杰米·拉斯金（Jamie Raskin，马里兰州民主党人）敦促各州总检察长在合并案中“坚持到底”。“在经济高度集中、垄断加速以及 MAGA（让美国再次伟大）政治势力日益掌控美国媒体机构的时代，我们需要各州总检察长有力地捍卫反垄断原则和言论自由。”