A growing group of Hollywood heavyweights is speaking out against the proposed Paramount and Warner Bros. Discovery merger, warning that the deal could make an already shaky entertainment business even more fragile. In an open letter signed by more than 2,000 filmmakers, actors, writers, and industry workers, names including Ben Stiller, Pedro Pascal, Mark Ruffalo, Ava DuVernay, Jane Fonda, and David Fincher are urging regulators to step in before the transaction moves forward. Reuters and AP report the deal is valued at about $110 billion to $111 billion and is still facing shareholder and regulatory scrutiny in the U.S. and abroad.
The letter does not dance around the concern. It states, “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.” It also warns, “Alarmingly, this merger would reduce the number of major U.S. film studios to just four.”
That fear is tied to what many in the business say they have already lived through. Critics argue that previous consolidation helped shrink the number of movies getting made, gutted the mid-budget film space, weakened independent distribution, and squeezed profit participation for creatives. Theater owners are also sounding alarms, saying another mega-merger could mean fewer theatrical releases and less leverage for exhibitors.
There is also the money problem. Reuters reports the combined company could carry nearly $80 billion in net debt, which opponents say raises the risk of layoffs, cutbacks, and even fewer greenlights across film and television.
As the letter puts it, “Competition is essential for a healthy economy and a healthy democracy.” Right now, a big part of Hollywood is making it clear they believe this deal threatens both.
