A-list actors, including Kristen Stewart, Ben Stiller and Lin-Manuel Miranda, have signed an open letter opposing Paramount’s proposed acquisition of Warner Bros. Discovery.
The letter has over 1,000 signatures and said the merger 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 said the merger would lead to fewer jobs, fewer creative opportunities, and fewer choices for audiences, and would cause costs to rise as the number of major Hollywood studios would fall to four.
“Our industry is already under severe strain, in large part due to prior waves of consolidation,” the letter states.
“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.”
The letter also suggested that the Paramount Warner Bros deal prioritises “the interests of a small group of powerful stakeholders over the public good”.
It also notes various state attorneys general, like California’s Rob Bonta, who are looking to take legal action to block 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,” the letter concludes.
In a statement shared with the Rolling Stones, Paramount acknowledged the concerns expressed in the letter.
It claimed the merger would bring together “complementary strengths to create a company that can green light 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”.
Paramount’s deal would see it buy the entirety of Warner Bros for US$31 per share in a deal valued at $110 billion.
At the time of writing, (NASDAQ: PSKY) stock was up 1.04% to $10.73.
Warner Bros (NASDAQ: WBD) stock was down 0.18% to $27.39.
