Over 1,400 Hollywood stars and creators have signed an open letter opposing Paramount's proposed acquisition of Warner Bros. Discovery, expressing concerns that the blockbuster merger would devastate the industry and shrink production jobs.
Key Takeaways
Over 1,400 Hollywood stars and creators have signed an open letter opposing Paramount's proposed acquisition of Warner Bros. Discovery, fearing it will devastate the industry and reduce production jobs. The merger would consolidate the media landscape, reducing competition and opportunities for creators.
- Over 1,400 actors, directors, and filmmakers signed the open letter
- Signatories include Emma Thompson, Ben Stiller, Javier Bardem, Rose Byrne, Kristen Stewart, Kristin Scott Thomas, and Glenn Close
- The merger would reduce major U.S. film studios to four
- Paramount pledges to keep both studios stand-alone and release 30 movies annually
- California Attorney General Rob Bonta is reviewing the transaction for antitrust violations
The letter was signed by prominent figures such as Emma Thompson, Ben Stiller, Javier Bardem, Rose Byrne, Kristen Stewart, Kristin Scott Thomas, and Glenn Close. According to Los Angeles Times, the signatories argue that the transaction would further consolidate an already concentrated media landscape, reducing competition at a critical moment for the industry.
The letter states that 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. The merger would reduce the number of major U.S. film studios to just four.
Paramount has pushed back against these concerns, stating that the deal makes sense given the significant disruption faced by the industry. According to The Guardian, Paramount chief executive David Ellison has pledged to keep Paramount and Warner Bros. as stand-alone movie studio operations and vowed to release a combined 30 movies a year in theaters.
California Attorney General Rob Bonta is reviewing the transaction to see if it violates antitrust rules, according to Los Angeles Times. The group urged Bonta and his fellow state attorneys general to sue to block the transaction. Meanwhile, Britain's antitrust watchdog is expected to launch an investigation into the deal in the coming weeks.
The merger - estimated at around $111bn (£82.2bn) - would reduce the number of US film studios to four, effectively also reducing the number of people working for studios and narrowing the number of buyers and makers of film and TV, according to BBC. The BBC understands that more entertainment industry professionals are still adding their names to the list.
The deal still needs to be approved by shareholders later this month, as well as get a stamp of approval from government regulators. The BBC has contacted Warner Bros Discovery for comment.
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