More than 1,000 Hollywood professionals, including Bryan Cranston, Joaquin Phoenix, and Lily Gladstone, signed an open letter opposing the proposed merger between Warner Bros. Discovery (WBD) and Paramount Skydance.
The group of writers, actors, and directors argues the deal will harm an entertainment industry already facing significant economic instability. The signatories warn the consolidation of two major studios will lead to "less opportunities for creators, less employment in the production ecosystem, higher costs and fewer options for the public."
Threat to industry diversity
The letter highlights a visible decline in both film production and the variety of stories receiving funding. According to the group, a shrinking number of large corporations now dictates which projects receive approval and under what financial conditions.
This concentration of power leaves independent companies and individual creators with fewer viable ways to sustain their work. The movement was driven by organizations including the Committee for the First Amendment, led by Jane Fonda, and the Future Film Coalition.
Proponents of the letter argue that competition is essential for both the economy and democracy. They claim that growing media concentration has already weakened one of the most influential cultural sectors in the United States.
WBD shareholders will vote on the $111 billion acquisition proposal on April 23. If approved, the deal is expected to close in the first quarter of 2026, pending regulatory clearance from the U.S. Department of Justice.
While the WBD board of directors unanimously recommended a vote in favor of the merger, the deal faces legal scrutiny. California Attorney General Rob Bonta has questioned whether the process will face rigorous federal oversight due to the potential effects of media concentration.
Paramount recently increased its takeover offer to $31 per share to outbid a competing interest from Netflix. The merger would bring together the parent company of CBS, Nickelodeon, and Paramount Pictures with the WBD studio catalog.
