An open letter, signed by hundreds of Hollywood heavyweights, was published on Monday and opposes a deal that would see the historic Warner Bros. studio acquired by rival Paramount. Joaquin Phoenix, Ben Stiller, Kristen Stewart, Adam McKay, Alan Cumming, Alyssa Milano, Boots Riley, Bryan Cranston, Cynthia Nixon, Damon Lindelof, David Fincher, Denis Villeneuve, Elliot Page, Glenn Close, Jane Fonda, JJ Abrams, Jason Bateman, John Leguizamo, Lin-Manuel Miranda, Margaret Cho, Mark Ruffalo, Noah Wyle, Patti Lupone, Ramy Youssef, Rosario Dawson, Rose O’Donnell, Ted Danson, Tiffany Haddish, Tig Notaro, Yorgos Lanthimos and More than 1,000 people, including Yvette Nicole Brown, have added their names to the protest, which opposes the mega-merger between two of Hollywood’s storied studios.
“This transaction would further consolidate an already concentrated media landscape, reducing competition at a moment when our industries – and the audiences we serve – can at least afford it,” the petition said.
“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.”
Paramount Skydance, which is run by David Ellison, said in February that it would pay Warner Bros. It is planning a USD 111 billion takeover for acquisitions, including mega-grossing franchises such as “Harry Potter”, “The Lord of the Rings”, and “Game of Thrones”.
The bid beat out a bid by Netflix, which Hollywood insiders viewed as the lesser of the two options.
People across Tinseltown fear that the consolidation of the two studios will inevitably lead to cuts, especially when the huge price tag is reportedly financed, meaning the new owners will have to make savings.
Cuts are not just about the creatives who run America’s movie industry,Instead, tens of thousands of people who work below the line — make-up artists, set designers, limo operators, food truck owners, and florists in Los Angeles — will also have their employment affected.
“Alarmingly, this merger would reduce the number of major US film studios to just four,” the letter said.
“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.”
Competition is essential for a healthy economy and a healthy democracy. Equally important is thoughtful regulation and enforcement. Media consolidation has already weakened one of America’s most important global industries — one that has long shaped culture and connected people around the world.
Paramount Skydance, whose bid is believed to have the backing of US President Donald Trump, has vowed to continue regular cinematic releases.
“We have been clear in our commitments to (increase) output to a minimum of 30 high-quality feature films annually with full theatrical releases,” the company said in a statement on Monday.
“We understand the concerns raised as a result of the disruptions caused to our industry by COVID, entry of big-tech, and changes in consumer behavior, but we promise this: Paramount remains deeply committed to talent, and this merger strengthens both consumer choice and competition, creating greater opportunities for creators, audiences, and the communities they live and work in.”
