Though U.S. and EU regulators still need to put the final stamp on the deal, Warner Bros. Discovery and Paramount Skydance officially announced that their $111 billion megamerger was full steam ahead back in February.
The joint announcement followed the bombshell news that Netflix had decided to pull out of the battle for Warner Bros. Discovery just a couple of hours after the David Zaslav-led media company’s board declared Paramount's new bid a “superior proposal.”
As part of the deal, Paramount and Warner Bros. will operate as independent studios, with a commitment to 15 films from each every year, with full 45-day windows before going to premium video on-demand, with longer windows for hit films.
There were various other concerns, of course, and many within the industry worry that Ellison’s close ties to the Trump administration could stifle free expression.
Several high-profile names have already spoken out against the merger, but the trades have now published an open letter with over 1,000 Hollywood actors, directors, writers and producers, including Joaquin Phoenix, Bryan Cranston, Glenn Close, Ben Stiller, Don Cheadle, Jason Bateman, JJ Abrams and Yorgos Lanthimos expressing “unequivocal opposition” to the deal.
You can read the letter in full below.
"As filmmakers, documentarians, and professionals across the movie and television industry, we write to express our unequivocal opposition to the proposed Paramount-Warner Bros. Discovery merger. 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. The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences in the United States and around the world. Alarmingly, this merger would reduce the number of major U.S. film studios to just four.
Our industry is already under severe strain, in large part due to prior waves of consolidation. We have witnessed a steep decline in the number of films produced and released, alongside a narrowing of the kinds of stories that are financed and distributed. Increasingly, a small number of powerful entities determine what gets made—and on what terms—leaving creators and independent businesses with fewer viable paths to sustain their work. Media consolidation has accelerated the disappearance of the mid-budget film, the erosion of independent distribution, the collapse of the international sales market, the elimination of meaningful profit participation, and the weakening of screen credit integrity.
Together, these factors threaten the sustainability of the entire creative community. That includes endangering the professional lives of the tens of thousands of workers who help make up that community in predominantly small businesses and independent companies embedded in local economies and communities nationwide. We are deeply concerned by indications of support for this merger that prioritize the interests of a small group of powerful stakeholders over the broader public good. The integrity, independence, and diversity of our industry would be grievously compromised. Competition is essential for a healthy economy and a healthy democracy. So is thoughtful regulation and enforcement. Media consolidation has already weakened one of America’s most vital global industries—one that has long shaped culture and connected people around the world.
Fortunately, someone is doing something about all this. California Attorney General Rob Bonta and his colleagues in other states are reportedly scrutinizing the merger and considering legal action to block it. We are grateful for their leadership, and stand ready to support all efforts to preserve competition, protect jobs, and ensure a vibrant future for our industry, for American culture, and for our single most significant export."
Representatives for Paramount and Warner Bros. Discovery did not immediately respond to request for comment, but it's difficult to imagine anything getting in the way of this merger now that the wheels are in motion.
Update: Paramount has now shared a lengthy response.
"We hear and understand the concerns that some in our creative community have raised and respect the commitment to protecting and expanding creativity. Importantly, as creators we know firsthand that this is also a moment when the industry has been facing significant disruption—and the need for strong, creative-first and well-capitalized companies that can continue to invest in storytelling has never been greater.
This transaction uniquely brings together complementary strengths to create a company that can greenlight more projects, back bold ideas, support talent across multiple stages of their careers, and bring stories to audiences at a truly global scale—while strengthening competition by ensuring multiple scaled players are investing in creative talent. We have been clear in our commitments to do just that: increasing output to a minimum of 30 high-quality feature films annually with full theatrical releases, continuing to license content, and preserving iconic brands with independent creative leadership —ensuring creators have more avenues for their work, not fewer.
We understand the concerns raised as a result of the disruptions caused to our industry by COVID, entry of big-tech, and changes in consumer behavior, but we promise this: Paramount remains deeply committed to talent, and this merger strengthens both consumer choice and competition, creating greater opportunities for creators, audiences and the communities they live and work in."