Hollywood A-listers Joaquin Phoenix, JJ Abrams, and Denis Villeneuve are among 1,000 celebrities who have signed an open letter opposing the merger deal between Paramount and Warner Studios.

Hollywood Stars Unite Against Studio Merger

An open letter circulated on Monday, featuring signatures from over 1,000 prominent Hollywood figures, opposes the proposed merger that would result in Warner Bros. being acquired by rival Paramount.

Notable Signatories

Among the actors voicing their concerns are Joaquin Phoenix, Ben Stiller, Kristen Stewart, Adam McKay, Alan Cumming, Alyssa Milano, Boots Riley, Bryan Cranston, Cynthia Nixon, Damon Lindelof, David Fincher, Denis Villeneuve, Elliot Page, Glenn Close, Jane Fonda, JJ Abrams, Jason Bateman, and many others. The letter expresses serious apprehension about the implications of such a massive merger.

Concerns About Industry Impact

The petition highlights that the merger would further consolidate an already limited media landscape, diminishing competition at a time when the industry is vulnerable. The letter warns that this consolidation could lead to fewer opportunities for creators, job losses across the production ecosystem, higher costs, and less choice for audiences globally.

The Proposed Takeover Details

Paramount Skydance, managed by David Ellison, has proposed a significant USD 111 billion takeover of Warner Bros., which is known for blockbuster franchises like “Harry Potter,” “The Lord of the Rings,” and “Game of Thrones.” This bid has surpassed a previous offer from Netflix, which many industry insiders considered the lesser of two evils.

Potential Job Cuts and Economic Risks

There are widespread fears that the merger will trigger significant cuts to various departments, particularly impacting the creatives and thousands of workers in associated roles, including make-up artists, set designers, and food truck operators in Los Angeles. The letter stresses, “Alarmingly, this merger would reduce the number of major US film studios to just four,” exacerbating an already precarious industry landscape.

Call for Industry Regulation

It emphasizes that competition is vital for both a robust economy and democracy, and that prior waves of consolidation have already led to a marked decline in film production and diversity within the industry. The letter urges for thoughtful regulation to prevent further deterioration of this essential sector that connects and shapes culture.

Paramount’s Assurance on Content Production

Despite the concerns raised, Paramount Skydance has pledged to maintain a steady output of films, stating their commitment to producing a minimum of 30 high-quality feature films annually with full theatrical releases. They recognize the disruptions caused by COVID-19 and changes in consumer behavior but assert that their merger would ultimately enhance consumer choice and provide greater opportunities for creators and audiences alike.