Over 1,000 Hollywood stars are saying no to the Paramount-Warner Bros merger, and the list includes some of Hollywood’s big giants. Denis Villeneuve, J.J. Abrams, Bryan Cranston, Mark Ruffalo, Joaquin Phoenix, Ben Stiller, Kristen Stewart, and over 1,000 other filmmakers, actors, and industry professionals dropped an open letter Monday demanding a block on the merger.
The letter, published by The New York Times writes about Hollywood’s collective concerns over this merger *and how it may affect the industry and the people in it. Part of the letter reads,
“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.”
The letter maks sure to address some burning issues: fewer films getting made, mid-budget movies disappearing, independent distribution collapsing, and a handful of people deciding what stories the world gets to see which completely erases artistic presence from the industry. The signatories included Denis Villeneuve, David Fincher, and Yorgos Lanthimos alongside established actors like Glenn Close and Jane Fonda and other industry talents.
More details about the Warner Bros merger with Paramount
Paramount Skydance finally won the battle for Warner Bros. Discovery on February 26, beating out Netflix in a brutal three-way bidding war. The $111 billion all-cash offer valued shares at $31 each, outbidding Netflix’s $82.7 billion proposal.
After WBD’s board initially chose Netflix in December, activist investors and hedge funds pushed for a reconsideration. Paramount kept increasing its offer despite Netflix’s resistance and when Netflix refused to match the final bid, it withdrew entirely.
The merged company expects to close in 6-18 months pending regulatory and shareholder approval, pending antitrust scrutiny from the DOJ and FTC. It’s a decision that has seen major backlash among Hollywood stars and fans, as it will completely alter things for the industry.
Paramount made sure to respond to the open letter politely on Monday with a statement defending their plans, and expressing their commitments to the industry, one of which is to release minimum thirty films annually in theatres. The merger, according to them, brings together complementary strengths that will enable them to greenlight more projects, back bold ideas, and support more talent across their careers while reaching global audiences.
Edited by Nibir Konwar