More than 1,000 people who work in film and television have added their names to an open letter opposing the proposed $110 billion merger between Warner Bros Discovery and Paramount Skydance. The signatories include a number of high-profile actors and industry professionals who, the letter says, fear the combination would deepen consolidation in the U.S. media sector and diminish competition.
Actors such as Jane Fonda, Joaquin Phoenix and Mark Ruffalo were listed among those who put their names to the appeal. The letter asserts that the deal would translate into fewer opportunities for creators, create pressure on jobs across the production ecosystem, raise costs and offer less choice to audiences.
Paramount and Warner Bros did not immediately respond to requests for comment.
The letter, released on Monday, also argues that earlier waves of consolidation have already placed mounting pressure on the industry. It states that such consolidation has reduced the number of films produced and released and has narrowed the range of stories that receive financing and distribution.
The proposed Paramount-Warner Bros combination nL4N3ZN1Q6 would unite two of Hollywood’s largest studios and their content libraries, and would bring together the streaming platforms Paramount+ and HBO Max. The companies are planning nL4N3ZQ1GL to fold those streaming services into a single platform.
Commenting on the effect of the letter, Emarketer senior analyst Ross Benes said, "The letter helps to galvanize opponents of the deal and bring them together under a common cause," but he added that it is unlikely the letter by itself will cause the transaction to be blocked.
Regulators in the U.S. and Europe are expected nL6N40F115 to scrutinize the deal and assess its consequences for both consumers and the creative community. California Attorney General Rob Bonta has said nL6N3ZN110 the state is probing the transaction and will be "vigorous" in its review.
The public letter sits alongside what is likely to be a detailed regulatory review. Those reviews will consider whether combining two major studios, their libraries and streaming services will alter market dynamics for content production, distribution and subscriber-facing streaming offerings.
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