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It will take someone better versed in finance, corporate law, family psychology and, perhaps, the impact of great wealth on brain chemistry than I to analyze the recent actions of Paramount Skydance Chief Executive David Ellison.
To a cultural journalist, however, it seems like he continues to make himself the best argument yet for opposing his company’s proposed acquisition of Warner Bros. Discovery.
Mere days after taking to the media to insist that he is a misunderstood film buff who just wants to save Hollywood, he threatened to help destroy it.
If California Atty. Gen. Rob Bonta and state attorneys general from 11 other states, including New York, New Jersey, Washington and Colorado, refuse to negotiate a settlement of their antitrust lawsuit, Ellison said he will yank Paramount Studios, and potentially Warner Bros., out of California.
So that’s how Ellison wants to prove that he will be a steward of the flailing entertainment industry — by threatening to rip out a big part of its still-beating heart and implant it in Texas or Tennessee?
Will he be taking the Hollywood sign as well, to stick atop the Grand Ole Opry or, better yet, the Alamo?
Paramount’s board has approved David Ellison’s contingency plan to move headquarters from Hollywood as early as this fall, according to people familiar with the situation.
Not only does this grant Bonta VIP access to the moral highground, it all but negates Ellison’s recent New York Times guest essay. Especially the part in which he wrote: “The states claim this deal will give one company too much influence over theatrical releases and cable operators, while the W.G.A. argues that our combined market power will hurt writers.”
If one man can decide, in a fit of pique, to scoop up a huge portion of the entertainment industry and float it thousands of miles away, I’d say that’s a decent argument for “too much influence.”
Also, good luck with the landing. Texas and Tennessee are both fine states with vibrant cities, undeniable corporate incentives and lower costs of living, but their draconian abortion laws and restrictive LGBTQ+ legislation may give many in the entertainment industry pause.
Still, according to Ellison, it’s Bonta and his gang who are trying to make things political, not him; in his essay, Ellison claimed that the suit is mostly about preventing his ownership of CNN, despite his insistence that (the hiring of Bari Weiss to oversee CBS News to the contrary) the news network would remain autonomous.
As a journalist, I would love to believe that Bonta and the other attorneys general are simply going to bat for the Fourth Estate; with President Trump openly longing for the day when Ellison controls CNN, it is no doubt a concern. But as Ellison seems intent on personally underscoring, the bigger issue is how to prevent a dwindling number of individuals from controlling enormous portions of an industry that not only employs millions, but also plays a vital role in shaping the nature of art and culture in this country and the world.
(Never mind the queasy fact that Ellison is being bankrolled by his billionaire father Larry, who is putting many, if not all, of his eggs in the AI basket, to the detriment of his employees.)