(The Center Square) – New Jersey’s African-American and Hispanic business chambers want Attorney General Jennifer Davenport to drop a lawsuit that would block Paramount Skydance from buying Warner Bros. Discovery.
The chamber leaders say the court fight would hurt business in their state and that New Jersey has spent years building up its film industry.
The move adds to pressure from Hudson County Democrats who want Davenport to end the dispute.
John Harmon, CEO of the African-American Chamber of Commerce of New Jersey, made the case in a Sept. 3 op-ed. He said the state had spent too much taxpayer money on the industry to sink the deal.
Harmon said politicians should instead focus on who benefits from the deal and the state’s film tax credits. He asked, “How will those investments produce economic opportunity for the full spectrum of New Jersey businesses and residents?”
John Lucas, who heads the Statewide Hispanic Chamber of Commerce of New Jersey, voiced similar concerns. He said film industry growth would help local businesses.
“This is exactly the kind of opportunity our community has organized for decades to secure,” Lucas told BINJE.
Lucas said the film industry even benefits contractors and food service companies. He said the lawsuit threatens those gains while adding costs for the state.
The $110 billion deal faces a lawsuit from 12 state attorneys general, including Davenport. They say combining the companies would hurt competition and increase consumer prices for things like cable bills, streaming service subscriptions, and movie ticket prices.
Gov. Mikie Sherrill’s office hasn’t said what she thinks about the possible merger yet, according to a Washington Examiner report.
The Center Square previously reported that Hudson County Democrats had voiced concerns about the lawsuit.
Their Aug. 31 op-ed pointed to 1888 Studios, a $1.2 billion project in Bayonne where Paramount is a major tenant. Hudson County Executive Craig Guy, Bayonne Mayor Sharon Ashe-Nadowski, and state legislators signed the op-ed.
Meanwhile, the Trump administration supports the deal.
The Justice Department closed its antitrust investigation June 12. It said it didn’t think the deal would hurt competition or consumers.
The companies have agreed to delay closing while the case proceeds. A Sept. 24 hearing is set on Paramount’s request for a $1.88 billion bond to cover potential costs of that delay, Reuters reported.
Originally published on thecentersquare.com, part of the BLOX Digital Content Exchange.
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