The merger of Paramount and Warner Bros. could cost about 4,500 film and TV jobs over three years, according to a new report issued by Los Angeles County.

The report, prepared by CVL Economics, argues that the merger would accelerate the downturn in L.A. production, which has already cost 52,000 jobs over the last four years. The report also notes that the combined company would face significant pressure to reduce costs in order to pay down debt, which could entail moving production out of Los Angeles and consolidating slates.

“Two buyers become one,” the report notes. “The merger reduces independent commissioning options, with the largest increases in buyer concentration occurring in unscripted, reality, and talk television.”

The 4,500 lost jobs would also have a ripple effect across the regional economy, the report argues, amounting to a total loss of 10,360 jobs.

L.A. County Supervisor Lindsey Horvath asked for a report in March on the economic effect of the merger. The firm, CVL Economics, issued a preliminary report in June forecasting that 2,495 corporate jobs would be “at risk” in L.A. County as the company moves to consolidate IT, real estate, marketing and other functions. The follow-up report, issued Tuesday, focused on production jobs.

In response, Paramount issued a statement arguing that the report proves its point about the dire state of Hollywood’s production economy.

“L.A. County’s own economic report underscores what we have been saying all along: our industry is in decline, production is down and jobs are being lost — and lost for good if we don’t act,” a company spokesperson said.

Paramount, however, has argued that the merger will result in a stronger company able to produce more films and TV shows — though it has not promised to make them in Los Angeles.

“Our plan to invest $30 billion annually in production and release at least 30 films a year is how we regain that ground: more production that supports more jobs over time, and ultimately, a stronger, more durable entertainment industry for generations to come,” the company added.

The Paramount-Warner Bros. merger is on hold at least through March 2027, when a trial is scheduled on the antitrust lawsuit brought by 12 state attorneys general. The states’ lawsuit relies on allegations of illegal market concentration in theatrical distribution and basic cable distribution, and does not center on the job-loss issues identified in the county report.

The Writers Guild of America, however, does rely on those issues in its own lawsuit, which will be tried concurrently with the states’ case. The WGA argues that the deal will lead to fewer opportunities for writers to sell their projects. The Directors Guild of America and IATSE have taken a different tack, arguing that the delay in closing the deal presents its own risks, and urging the parties to reach a settlement.

Paramount, meanwhile, has asked that the plaintiffs be forced to post a $1.88 billion bond as a condition of maintaining its agreement not to close the transaction. A hearing on that request is set for Sept. 24 in federal court in Oakland.