Hollywood stars unite to oppose Paramount and Warner Bros Discovery merger

More than 2,400 actors, directors, filmmakers, including Hollywood stars have signed an open letter opposing the proposed merger of film studios Paramount and Warner Bros Discovery, arguing that the deal would harm an already battered US entertainment industry.

Paramount Skydance chief David Ellison agreed to a deal to acquire Warner Bros. Discovery in late February, triumphing over Netflix for control of a sprawling media empire that includes an iconic movie studio, HBO, and a suite of cable channels, including CNN, as per reports. Adding to that, he reportedly vowed to honor the legacy of both iconic companies, while moving forward for the vision of building a next-generation media and entertainment company.

Bryan Cranston, Jane Fonda, Joaquin Phoenix, Emma Thompson, Ben Stiller, Javier Bardem, Rose Byrne, and other Hollywood professionals signed this stating that this corporate tie-up would hurt the industry that is already under severe strain.

“Our industry is already under severe strain, in large part due to prior waves of consolidation. We have witnessed a steep decline in the number of films produced and released, alongside a narrowing of the kinds of stories that are financed and distributed. Increasingly, a small number of powerful entities determine what gets made and on what terms leaving creators and independent businesses with fewer viable paths to sustain their work” said the letter published on a website called Block the Merger.

“This transaction would further consolidate an already concentrated media landscape, reducing competition at a moment when our industries and the audiences we serve can least afford it. The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences in the United States and around the world. Alarmingly, this merger would reduce the number of major U.S. film studios to just four”.

“We are deeply concerned by indications of support for this merger that prioritise the interests of a small group of powerful stakeholders over the broader public good. The integrity, independence, and diversity of our industry would be grievously compromised. Competition is essential for a healthy economy and a healthy democracy. So is thoughtful regulation and enforcement. Media consolidation has already weakened one of America's most vital global industries, one that has long shaped culture and connected people around the world.”The merger is estimated at around $111bn.

This letter also stated that California Attorney General Rob Bonta, with his colleagues in the other  states, are working on considering legal action to block it and scrutinising the merger.