One of the biggest media deals in history comes closer to completion, as the shareholders who own Warner Bros. Discovery (WBD) voted “overwhelmingly” to approve the adoption of the merger agreement with Paramount, according to WBD. <\/p>\n
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The controversial merger encompasses two of Hollywood\u2019s five legacy studios \u2013 a deal which has been valued at $111 billion and which will have huge impacts on filmmaking and the future of cinema. <\/p>\n
Yesterday’s vote was described as “another key milestone toward completing this historic transaction” by WBD \u2013 a deal which will \u201cdeliver exceptional value to our stockholders”. <\/p>\n
It will be completed between July and September this year, subject to regulatory approval. <\/p>\n
Not everyone shares WBD\u2019s enthusiasm, as the deal threatens to completely reshape Hollywood.<\/p>\n
It would reduce the number of US film studios to four, and many believe the merger would result in diminishing quality and significant job losses. <\/p>\n
Both Democrats and Republicans have raised concerns the merger could result in higher prices and fewer choices for customers, while cinema operators have also expressed concern that the merger could cost jobs and reduce the number \u2060of films released in theatres. <\/p>\n
Sens. Cory Booker and Elizabeth Warren have been rallying to stop Paramount\u2019s WBD takeover, with Warren responding to the shareholder vote by stating: \u201cThe Paramount-Warner Bros. merger isn\u2019t a done deal. State attorneys general across the country are stepping up to stop this antitrust disaster. We need to keep up this fight.\u201d <\/p>\n
Paramount chief executive David Ellison has asserted the deal would be good for the creative community. However, Ellison and his father Larry Ellison both have close ties to Donald Trump \u2013 something which has prompted fears that the merger would mean fewer films like recent Oscar winners One Battle After Another<\/em><\/strong><\/a> and Sinners<\/em><\/strong><\/a>, both Warner Bros. titles which engage in politics and explore topics which Trump would frown upon.<\/p>\n Celebrities are also speaking up. More than 1,000 film and TV stars and creatives, including Joaquin Phoenix, Jane Fonda, Bryan Cranston, Laura Poitras, Javier Bardem, David Fincher, Denis Villeneuve, Emma Thompson and Yorgos Lanthimos have already signed an open letter opposing Paramount Skydance\u2019s pending acquisition of Warner Bros. Discovery<\/strong><\/a>. <\/p>\n