New York– Over a thousand movie stars, writers, directors, and other Hollywood professionals announced their “categorical opposition” to the proposed resolution. Paramount merges with Warner Bros. Discovery In an open letter Published on Monday.
A large group of the film industry came out strongly against it, including Denis Villeneuve, Kristen Stewart, JJ Abrams and Joaquin Phoenix. 111 billion dollar deal It would consolidate two legacy studios into one, arguing that it would further reduce jobs and films in an already downsized Hollywood.
“The result will be fewer opportunities for creators, fewer jobs in the production ecosystem, higher costs, and fewer options for audiences in the United States and around the world,” the letter posted on BlocktheMerger.com reads. “Worryingly, this merger would reduce the number of major American film studios to just four.”
In late February, David Ellison’s Paramount Skydance reached an agreement to acquire Warner Bros. Discovery in one of the largest media mergers to date. The deal awaits a shareholder vote and government regulatory approval later this month. Paramount wins after months of negotiations Netflix’s rival bid ultimately failed.
The deal was the latest massive merger to hit Hollywood. In 2019, 20th Century Fox was acquired by The Walt Disney Company for $71.3 billion.
Ellison, chief executive of Paramount Skydance, has promised to keep Paramount and Warner Bros. as stand-alone movie studio operations, and has vowed to release a combined 30 movies per year in theaters. Although the merger would result in significant cutbacks due to duplication of roles, Paramount has argued that the merger of Paramount and Warner Bros. Discovery “strengthens the overall job market.”
But many in the film industry believe that the merger will mean massive job losses and consolidation of power.
“We are deeply concerned by the signals of support for this merger, which prioritizes the interests of a small group of powerful stakeholders over the broader public good,” the letter said. “The integrity, independence and diversity of our industry will be seriously compromised.”
A coalition of advocacy groups organized the letter, including the First Amendment Committee – a free speech group led by jane fonda – as well as the Democracy Defenders Fund and the Future Film Coalition. Other signatories include: Ben Stiller, Don Cheadle, Javier Bardem, Lily Gladstone, Lin-Manuel Miranda, Tiffany Haddish and Ted Danson.
On Monday, one signee, Damon Lindelof, explained his decision on Instagram. Lindelof, creator of “Watchmen” and co-creator of “Lost,” has an overall deal with Warner Bros. Discovery.
“Hollywood mergers mean fewer movies and fewer TV shows, and that means fewer jobs,” Lindelof wrote. “When two-story backlots are owned by the same company, the result is intuitive – a ghost town is created. I’m scared. But I’m not a ghost. And a battle already lost if it’s never fought.”
Representatives for Paramount and Warner Bros. did not immediately respond to requests for comment on the letter.
