Hollywood stars sign open letter opposing Paramount-Warner Bros deal

Over 1,000 filmmakers, actors and industry professionals signed an open letter opposing Warner Bros Discovery’s ​proposed $110 billion merger with Paramount Skydance, warning it ‌would reduce competition and deepen consolidation in the U.S. media sector.

• Actors including Jane Fonda, Joaquin Phoenix and Mark Ruffalo were among the ​signatories to the letter, which said the merger would ​result in fewer opportunities for creators, pressure on ⁠jobs across the production ecosystem, higher costs and less ​choice for audiences.
• Paramount and Warner Bros did not immediately respond ​to requests for comment.
• The letter, released on Monday, stated that prior waves of consolidation have already put the industry under pressure, reducing the ​number of films produced and released and narrowing the ​range of stories that receive financing and distribution.
• The proposed Paramount-Warner Bros combination would bring together ‌two ⁠of Hollywood’s largest studios and content libraries while uniting streaming platforms Paramount+ and HBO Max.
• The companies are planning to fold their streaming services into a single platform.
• “The letter helps to ​galvanize opponents of ​the deal ⁠and bring them together under a common cause,” Emarketer senior analyst Ross Benes said. “But it ​is unlikely that the letter itself contributes to ​the ⁠deal being squashed.”
• Regulators in the U.S. and Europe are expected to scrutinize the deal, weighing its impact on consumers and the ⁠creative ​ California Attorney General Rob Bonta has ​said the state is probing the transaction and will be “vigorous” in its review.