Over the weekend, more than 1,000 film and TV stars, as well as creatives and filmmakers and other professionals across Hollywood, published an open letter denouncing the pending acquisition of Warner Bros. by Paramount.
Why do so many Hollywood celebrities dislike the WB-Paramount merger?
Recently, tons of actors and other professionals across the movie and television industry have added their voice to a growing sentiment that the merger is not only bad for business, but should be stopped at all costs. The deal, which still has hurdles to clear before being finalized, came together after Paramount upped its initial offer to Warner Bros., beating out Netflix, who was previously set to acquire the company.
Signatures on the letter include a litany of high-profile members of the movie and TV industry. These include stars who are known for speaking out, like Mark Ruffalo, Kristen Stewart, Ben Stiller, and Javier Bardem, all the way up to filmmakers like Adam McKay, Alex Gibney, David Fincher, J.J. Abrams, and more.
The letter, which was published in the New York Times and is also available on its own website, warns that allowing the merger to take place would not only consolidate “an already concentrated media landscape,” but would also result in far fewer opportunities for creators, fewer jobs, and less choice for audiences across the world.
The letter also stressed that over the years, the number of films produced and released has already been in decline, and with another powerhouse studio being acquired, that number would only continue to shrink due to Paramount not having the bandwith to output as much as both it and WB were outputting regularly.
“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,” reads the letter. “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.”
“Our industry is already under severe strain, in large part due to prior waves of consolidation. We have witnessed a steep decline in the number of films produced and released, alongside a narrowing of the kinds of stories that are financed and distributed. Increasingly, a small number of powerful entities determine what gets made—and on what terms—leaving creators and independent businesses with fewer viable paths to sustain their work.”
The letter continues by noting that, above all else, the merger does nothing but “prioritize the interests of a small group of powerful stakeholders over the broader public good.” The letter praises California Attorney General Rob Bonta and his colleagues, who are reportedly looking into the merger and considering legal action to block it.
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