They're located in Los Angeles because that's the heart of the film industry. That's where the workers are. That's where all the other companies that support the industry are. Trying to operate in Georgia or Tennessee would be much harder for them.
Also don't forget the film and TV industry settled there in large part because of the reliable climate - it doesn't matter as much with inside studio recording, but there's a lot of exterior filming that happens on those huge back lots for pretty much every show and movie. Compared to SoCal, Texas heat is absolutely brutal - and Geogia/Tennessee heat + humidity + thunderstorms + tornado warnings + whatever will make it miserable - not to mention the very real costs related to all those delays that will need to be factored in.
Oh, and he'll probably need the target state to donate a lot of land to replace all those back lots Paramount currently owns...