{"id":8088308,"date":"2026-10-01T06:16:52","date_gmt":"2026-10-01T13:16:52","guid":{"rendered":"https:\/\/www.thewrap.com\/?p=8088308"},"modified":"2026-10-01T06:16:59","modified_gmt":"2026-10-01T13:16:59","slug":"paramount-merger-rob-bonta-makan-delrahim-interview","status":"publish","type":"post","link":"https:\/\/www.thewrap.com\/industry-news\/deals-ma\/paramount-merger-rob-bonta-makan-delrahim-interview\/","title":{"rendered":"Paramount’s Makan Delrahim, California AG Rob Bonta Get Candid on Warner Bros. Merger Settlement"},"content":{"rendered":"\n\n\n

The seemingly endless twists and turns in the Paramount-Warner Bros. saga finally came to an end on Wednesday when a federal judge signed off on its settlement with a dozen state attorneys general, clearing the way for the $110 billion merger.<\/p>\n\n\n\n

Just in time for California AG Rob Bonta and Paramount Chief Legal Officer Makan Delrahim, the two key figures on each side, to unpack the resolution at TheWrap’s annual business conference TheGrill.<\/p>\n\n\n\n

Both Bonta and Delrahim appeared on stage (albeit in separate panels) with The Wrap CEO and Editor-in-Chief Sharon Waxman, who asked the questions everyone wanted to ask. <\/p>\n\n\n\n

The sessions marked a fitting capper to a remarkable and unpredictable 12 months filled with a bidding war, competing corporate egos, several false starts and a dramatic final stand with between Bonta and Paramount. In a final turn, both Delrahim and Bonta talked up the benefits of the deal.<\/p>\n\n\n\n

“When you talk about jobs, an increase from 5% to 40% is massive job increases for the United States, and that’s why IATSE, SAG-AFTRA, the Teamsters, the Laborers, and the Directors Guild of America all support the settlement,” Bonta said, while “vehemently, respectfully” disagreeing with the notion that he caved under political pressure. <\/p>\n\n\n\n

“It’s a deal that is pro-competitive. It’s a deal that is transformational. That’s why we committed to it,” Delrahim said. “I’m just grateful for the time and the attention and the professional work that Attorney General Bonta and his 11 other colleagues did to work with us in good faith.”<\/p>\n\n\n\n

Despite Delrahim’s claims of “good faith,” there were many bumps on the road to get to the settlement, from a canceled mediation meeting over leaks to a threat by Ellison to move Paramount out of California, risking thousands of jobs and billions in economic output. <\/p>\n\n\n\n

But now comes the hard part: making good on the settlement’s requirements and building what Ellison has referred to as a “stronger Hollywood.”<\/p>\n\n\n\n

Below is a recap of the key takeaways from Bonta and Delrahim.<\/p>\n\n\n

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\n\t\t\n\t\t\t\t\t\t\t\"Makan\t\t\t\t\t<\/a>\n\t\t
\n\t\t\tRead Next<\/strong>
\n\t\t\tParamount's Makan Delrahim Says Threat to Move Out of California 'Was Not a Bluff'<\/a>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

What turned the tide in reaching the settlement?<\/h2>\n\n\n\n

When asked about what was the turning point that made both sides reach a settlement, Bonta told TheWrap it was Paramount deciding to negotiate in good faith. <\/p>\n\n\n\n

“They weren’t addressing the concerns that we had in the case,” he said. “When they finally decided to sit down and make real commitments on the issues that we cared about when it came to the antitrust enforcement case, that’s when when we settled the case.”<\/p>\n\n\n\n

Meanwhile, Delrahim argued that the key to getting a settlement done was that the 12 states had no antitrust case. He said that their argument that Paramount-WBD would have a combined market share of 27% in the theatrical film market didn\u2019t take Amazon MGM Studios, Lionsgate or A24 into account.<\/p>\n\n\n\n

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#TheGrill2026<\/a>: Was Paramount\u2019s threat to leave California the turning point in the Paramount-WBD settlement?

California AG Rob Bonta pushes back on that suggestion, arguing the turning point came when Paramount \u201cdecided to negotiate in good faith\u201d and defending the settlement\u2019s\u2026 pic.twitter.com\/fibrpl2Qa8<\/a><\/p>— TheWrap (@TheWrap) September 30, 2026<\/a><\/blockquote>