The letter was spearheaded by a number of industry and community organizations, including the Committee for the First Amendment, led by actress Jane Fonda, as well as Democracy Defenders Fund and Future Film Coalition.
Signatories include actors Bryan Cranston, Joaquin Phoenix, Glenn Close, Emma Thompson, and Javier Bardem, as well as directors Yorgos Lanthimos, Adam McKay, Denis Villeneuve, and other industry representatives.
The industry fears monopoly
The letter states that a merger between the two major studios could lead to “fewer opportunities for creators, fewer jobs in the production chain, higher costs and less choice for viewers.” The signatories note that the industry has already seen a decline in production and project cuts in recent years.
They estimate that mergers and acquisitions will lead to a situation in which “a small number of major players” determine what films are made and under what terms, limiting independent producers and writers’ access to the market.
Media giant for $111billion
The deal is valued at $111 billion, according to the The Guardian. The merger will create one of the largest media conglomerates in the world. Warner Bros. Discovery owns Warner Bros. Studios, CNN, HBO and the DC Comics franchise, while Paramount controls Paramount Pictures, CBS, Comedy Central and MTV.
Paramount CEO David Ellison previously said the merger would be good for the industry, with the company planning to produce at least 30 films a year with distribution in theaters and increased investment in production. According to him, an alternative in the form of a deal with Netflix could lead to the emergence of a player significantly larger than its competitors in terms of scale.
