Jane Fonda is speaking out against Netflix’s earthshaking move to acquire Warner Bros. Discovery, calling the $82.7 billion deal a “catastrophic” development that threatens to “destroy our creative industry.”
Fonda released her statement against the acquisition on Instagram through her Committee for the 1st Amendment organization. She wrote on Friday, “Today’s News that Warner Bros. Discovery has accepted a purchase bid is an alarming escalation of the consolidation that threatens the entire entertainment industry, the democratic public it serves and the First Amendment.”
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She continued, “Make no mistake, this is not just a catastrophic business deal that could destroy our creative industry. It is a constitutional crisis exacerbated by the administration’s demonstrated disregard for the law.”
Directing her message to the powers that be, Fonda demanded the Justice Department and state regulators abstain from using their legal standing to “extract political concessions that influence content decisions or chill free speech.” In a sidebar to “Netflix and any company that becomes involved in this destructive deal,” Fonda wrote that it’s their “responsibility to defend our rights, not trade them away to pad your pockets. We know there will be enormous pressure to acquiesce, it is critical you stay strong.”
Hollywood at large has been mostly sour on the Netflix-Warner Bros. deal, with lawmakers, film producers and industry guilds alike all voicing concerns in the last week. Many expect the deal to cause seismic shifts in the entertainment industry, especially in the theatrical sector.
After months of deliberation, Netflix acquired Warner Bros. Discovery on Friday, outbidding David Ellison’s Paramount Skydance and Comcast. The cash and stock transaction is valued at $27.75 per share, and the deal is expected to close within 12-18 months, according to Netflix and WBD.
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