California AG's block of Paramount-Warner Bros. merger is ironically not wanted by mainstream Dems

Key Points:

• California Attorney General Rob Bonta's lawsuit to block Paramount Skydance’s $81 billion takeover of Warner Bros. Discovery risks alienating major media executives who are key financial backers of the Democratic Party.
• Media industry leaders argue that consolidation is necessary for survival amid declining cable revenues, reduced movie attendance, and fierce competition from tech giants like Amazon, Apple, and Netflix.
• Many media executives, generally centrist Democrats, are wary of Bonta's progressive approach and see the lawsuit as politically motivated, potentially harming one of California’s largest industries that employs 700,000 people and generates $70 billion in tax revenue annually.
• High-profile Democrats including Governor Gavin Newsom and Xavier Becerra are urging Bonta to negotiate a settlement, as the lawsuit threatens to push Paramount’s business out of California.
• Insiders believe Bonta’s actions are driven by political ambitions within the progressive wing of the party, contrasting with the more moderate stance traditionally favored by Hollywood executives.