Hollywood heavyweights including Jane Fonda, Joaquin Phoenix and Mark Ruffalo blast proposed $110B studio merger
Over 1,000 filmmakers, actors, and industry professionals have signed an open letter opposing the proposed $110 billion merger between Warner Bros Discovery and Paramount Skydance, warning that it would reduce competition and further consolidate the U.S. media sector.
Paramount and Warner Bros did not immediately respond to requests for comment.
The letter, released on Monday, stated that prior waves of consolidation have already put the industry under pressure, reducing the number of films produced and released and narrowing the range of stories that receive financing and distribution.
The proposed Paramount-Warner Bros combination would bring together two of Hollywood’s largest studios and content libraries while uniting streaming platforms Paramount+ and HBO Max.
The companies are planning to fold their streaming services into a single platform.
"The letter helps to galvanize opponents of the deal and bring them together under a common cause," Emarketer senior analyst Ross Benes said. "But it is unlikely that the letter itself contributes to the deal being squashed."
Regulators in the U.S. and Europe are expected to scrutinize the deal, weighing its impact on consumers and the creative community. California Attorney General Rob Bonta has said the state is probing the transaction and will be "vigorous" in its review.
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