NEW YORK — More than a thousand movie stars, writers, directors and other Hollywood professionals announced their “unequivocal opposition” to the proposed Paramount merger with Warner Bros. Discovery in an open letter published Monday.
What You Need To Know
- A large swath of the movie industry came out forcefully against the $111 billion deal
- “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,” reads the letter
- In late February, David Ellison’s Paramount Skydance reached a deal to acquire Warner Bros. Discovery in one of the largest media mergers ever
- The deal was only the latest massive merger to rock Hollywood — in 2019, 20th Century Fox was acquired by The Walt Disney Co. for $71.3 billion
A large swath of the movie industry, including Denis Villeneuve, Kristen Stewart, J.J. Abrams and Joaquin Phoenix, came out forcefully against the $111 billion deal that would consolidate two legacy studios into one, arguing that it further reduce jobs and movies in an already downsized Hollywood.
“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,” reads the letter, posted on BlocktheMerger.com. “Alarmingly, this merger would reduce the number of major U.S. film studios to just four.”
In late February, David Ellison’s Paramount Skydance reached a deal to acquire Warner Bros. Discovery in one of the largest media mergers ever. The deal awaits a shareholder vote later this month and government regulatory approval. Paramount’s victory came after months of negotiations and a rival bid by Netflix that ultimately fell short.
The deal was only the latest massive merger to rock Hollywood. In 2019, 20th Century Fox was acquired by The Walt Disney Co. for $71.3 billion.
Ellison, chief executive of Paramount Skydance, 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. Though the merger will result in considerable cuts because of duplication of roles, Paramount has contended the fusion of Paramount and Warner Bros. Discovery “strengthens the overall job market.”
But many in the film industry believe a merger will mean extensive job losses and a consolidation of power.
“We are deeply concerned by indications of support for this merger that prioritize the interests of a small group of powerful stakeholders over the broader public good,” read the letter. “The integrity, independence, and diversity of our industry would be grievously compromised.”
A coalition of advocacy groups organized the letter, including the Committee for the First Amendment — 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, detailed his decision on Instagram. Lindelof, the creator of “Watchmen” and the 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,” wrote Lindelof. “When two storied backlots are owned by the same company, the outcome is intuitive — one becomes a Ghost Town. I’m scared. But I’m not a ghost. And a fight is already lost if it’s never fought.”
Representatives for Paramount and Warner Bros. didn’t immediately respond to requests for comment on the letter.
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‘ Some details of this article were extracted from the following source spectrumlocalnews.com ’
