Hollywood Comes Out Swinging Against the Paramount-Warner Bros. Merger
Stars — including Jane Fonda, Javier Bardem, and Mark Ruffalo — want to stop Paramount's disastrous acquisition of Warner Bros.
More than a thousand leading filmmakers, actors, documentarians, and comedians have signed an open letter opposing Paramount Skydance’s acquisition of Warner Bros., saying the deal would have a devastating impact on the creative community, imperil the future of America’s leading cultural export, and silence artists at a perilous moment in history.
The letter, available in full here, reads:
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.
The signatories include Jane Fonda, Javier Bardem, Mark Ruffalo, David Fincher, Ben Stiller, Bryan Cranston, Jason Bateman, Kristen Stewart, Yorgos Lanthimos, Adam McKay, Alan Cumming, and Rose Byrne.
“Competition is essential for a healthy economy and a healthy democracy,” the letter says. “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.”
The letter expresses support for California Attorney General Rob Bonta and his colleagues in other states who are considering legal action to stop the merger: ”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.”
Warner Bros. Discovery, a conglomerate that was formed via another giant merger just four years ago, was put up for sale last fall.
Netflix beat Paramount in the initial round of negotiations, announcing in December it would acquire Warner Bros. for $82.7 billion. Crucially, that offer did not include CNN. In late February, Netflix announced it was backing out of the deal, leaving Paramount the victor.
Warner Bros. shareholders are scheduled to vote on the potential merger on April 23.
The deal would:
Merge two of Hollywood’s remaining five major studios into a single corporate behemoth.
Likely result in thousands of job cuts across an industry that has already faced huge merger-fueled cutbacks.
Give the Trump-friendly Ellison family, which already tried to turn CBS News into Fox News Lite and owns 15% of TikTok, total control over CNN. Larry Ellison has reportedly discussed with White House officials making specific personnel changes at CNN.
Give the Ellisons — who already control a major portfolio of TV channels including CBS, Comedy Central, and MTV — power over a slew of other channels, including Turner Classic Movies, HGTV, Food Network.
Lead to fewer movies and TV shows getting made, particularly those perceived as creatively or politically risky — like One Battle After Another and Sinners, both produced by Warner Bros.
Almost certainly impact the creatively risky and political provocative programming at HBO, including satirical shows like Last Week Tonight with John Oliver. (As David Ellison’s company Skydance was finalizing its acquisition of Paramount last summer, CBS abruptly canceled The Late Show With Stephen Colbert.)
Give investors from Saudi Arabia and other Gulf states, who are helping back the $110 billion Paramount bid, possible influence over entertainment and news coverage.
Meredith Blake is The Contrarian’s culture columnist.
Having great actors and directors who create the array of great films being produced in the USA step up to fight this consolidation of our entertainment and information industries is necessary. I applaud this step and admire these people.
Whatever happened to the enforcement of the Sherman Anti-Trust Act? Monopolies lead to price and idea-fixing; too few having the power over too many. There once was the 39% rule.
From the internet: "The 39% rule is a U.S. federal regulation capping the national audience reach of any single television station owner at 39% of all U.S. households. Established by Congress in 2003, this cap aims to prevent excessive media consolidation and ensure diverse viewpoints, often heavily debated as broadcasters seek to compete with streaming services.
This corporate spread needs to be stopped.