More than 1,000 Hollywood actors, directors and screenwriters signed a letter opposing the $110 billion acquisition of Warner Bros. Discovery by Paramount Skydance, citing the risk of mass layoffs and increased costs with fewer options for the public.
Joaquin Phoenix, Glenn Close and Adam McKay are among the signatories of the open letter, which expresses “unequivocal opposition” to the deal. The agreement is under analysis by regulatory bodies in the United States and Europe and should also be examined by the United Kingdom.
“This transaction would leave the media market, which is already super concentrated, even more in the hands of a few, reducing competition at a time when our sectors — and the audiences we serve — can least support it,” says the text. “The result will be fewer opportunities for creators, fewer jobs across the production chain, higher costs, and fewer options for audiences in the United States and around the world.”
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After a bitter dispute that dragged on for months, Paramount outbid Netflix in February and took the business, which creates a media giant. The new company will control two traditional studios; two streaming platforms, including Warner’s HBO Max; two news channels, CNN and CBS; and dozens of cable channels.
Throughout the process, Hollywood unions have been warning that the merger is likely to lead to more job cuts in a sector that has already suffered waves of layoffs in recent years.
In a letter sent in mid-December recommending that shareholders reject the proposal, the Warner Bros. board said. stated that Paramount is seeking total cost savings of US$9 billion, combining the previous merger with Skydance and the purchase of Warner. According to the council, this “will make Hollywood weaker, not stronger.”
US Senator Elizabeth Warren also criticized the deal, calling Paramount’s offer a “five-alarm antitrust fire”, in reference to a high alert.
Regulatory hurdles could be costly for Paramount. The company has committed to paying a termination fine of US$7 billion if the deal is blocked, in addition to a “ticking fee” of US$0.25 per share each quarter after September 30 if the transaction is not completed by then. Paramount has already paid out a $2.8 billion fine to Netflix on behalf of Warner Bros.
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