More than 1,000 filmmakers, actors, and industry professionals have signed an open letter. They oppose Warner Bros. Discovery’s proposed USD 110 billion merger with Paramount Skydance. The letter warns the deal would reduce competition and deepen consolidation in the U.S. media sector.
Actor Jane Fonda, actor Joaquin Phoenix, and actor Mark Ruffalo are among the signatories. The letter states the merger would lead to fewer opportunities for creators, pressure on jobs across the production ecosystem, higher costs, and less audience choice.
The open letter states that prior industry consolidation has already caused significant pressure. It has reduced the number of films produced and released. This has also narrowed the range of stories receiving financing and distribution.
The proposed combination would unite two of Hollywood’s largest studios and content libraries. It would also bring together streaming platforms Paramount+ and HBO Max. The companies plan to fold their streaming services into one platform.
Emarketer senior analyst Ross Benes commented that the letter helps galvanise opponents of the deal. He stated it brings them together under a common cause. However, Benes noted the letter itself is unlikely to prevent the deal.
Regulators in the U.S. and Europe are expected to scrutinise the transaction. They will weigh its impact on consumers and the creative community. California Attorney General Rob Bonta stated the state is probing the transaction, adding the review will be vigorous.
More than 1,000 filmmakers, actors, and industry professionals signed an open letter opposing the Warner Bros. Discovery and Paramount Skydance merger.
Signatories, including actor Jane Fonda, warn the proposed USD 110 billion deal would reduce competition, create fewer opportunities, and increase costs.
The merger aims to combine two major Hollywood studios, their content libraries, and streaming services Paramount+ and HBO Max.
Source: REUTERS
