Hollywood celebs protest Paramount-Warner merger

 Hollywood celebs protest Paramount-Warner merger

Daniele Venturelli/Getty Images, Gilbert Flores/Getty Images, Chad Salvador/Getty Images

Paramount’s planned takeover of Warner Bros. Discovery inspired a protest letter with a list of signatures that’d make any autograph collector swoon. Yesterday, an ensemble cast of over 1,000 Hollywood creators—including dozens of A-listers like Ben Stiller, Joaquin Phoenix,​​ Kristen Stewart, and Tiffany Haddish—issued a statement expressing “unequivocal opposition” to the $111 billion deal. The signatories maintain that further consolidation doesn’t herald a Hollywood ending for the film industry: They’re concerned it’ll lead to fewer movie releases, resulting in industry job losses and leaving audiences with less choice for entertainment. The letter notes that the merger “would reduce the number of US major film studios to just four.” The concerns echo anxieties over Paramount’s plan to save investors $6 billion by eliminating duplication within the two companies, which has reportedly left Warner Bros. staff fearful of job cuts. Paramount responded by saying that merging competencies will help the new megastudio compete and green-light more projects. It also reiterated CEO David Ellison’s vow that the merged behemoth would release at least 30 movies per year for the big screen. It’s no golden age Hollywood was worried even before the tectonic merger appeared on the seismographs. The amount of work available has already been reduced by productions moving to cheaper overseas locations and by streaming platforms prioritizing profitability over growing content libraries. The number of jobs in the industry has dropped by 30% since late 2022, according to government data. The merger has also rankled pricey popcorn purveyors: Earlier this month, Cinema United, the trade group representing 31,000 US movie theater screens, asked state attorneys general to investigate the deal over competition concerns. The group said it worries fewer movie releases could endanger business—which is already struggling with weak box-office hauls. Looking ahead…federal regulators are expected to green-light the merger, but state authorities could still challenge it. California Attorney General Rob Bonta has promised a “vigorous” review.