In response to an exodus of movie and TV production, a bill is being introduced in Congress that would use tax credits to subsidize filming in the United States.
The deal would remove the last significant hurdle the media mogul David Ellison faced to create a news and entertainment empire, home to movie studios, HBO, CBS and CNN.
Paramount said the deal was necessary, in part, to create a counterweight to increasingly powerful tech companies like Netflix that were muscling in on Hollywood.
Seeking to settle a lawsuit with 12 states, Paramount has discussed measures to protect the editorial independence of CNN and the divestiture of Comedy Central.
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