Joaquin Phoenix, Ben Stiller, Emma Thompson, Kristen Stewart Lead 1,000+ Against $111B Merger

Prominent voices in Hollywood are openly calling out Paramount Skydance’s acquisition of Warner Bros. Discovery in an open letter. The deal, costing David Ellison-run Paramount Skydance almost $111 billion, is pending regulatory approval. Now, more than a thousand film and television actors, directors, and filmmakers, which include famous names like Mark Ruffalo, Joaquin Phoenix, Ben Stiller, Emma Thompson, and Kristen Stewart, have united to contest the deal.

The stars are stating that it would gravely harm the entertainment industry, which is already facing several threats.

The letter expressed concern that the merger would lead to decreased opportunities for the creatives, “fewer jobs across the production ecosystem, higher costs, and less choice for audiences in the United States and around the world.”

The letter highlighted that the number of films and shows produced has decreased alarmingly. If the merger goes through, creatives will be left with fewer opportunities. The signers also agreed that the merger would not be fair to audiences across the globe.

“Our industry is already under severe strain, in large part due to prior waves of consolidation. 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 added.

It continued, “Media consolidation has accelerated the disappearance of the mid-budget film, the erosion of independent distribution, the collapse of the international sales market, the elimination of meaningful profit participation, and the weakening of screen credit integrity.”

After crossing swords with Netflix over the assets, in late February, Paramount Skydance announced that it will be annexing David Zaslav’s Warner Bros. Discovery.

​The letter concluded with a note of gratitude for lawyers who are working to legally block the merger. “Fortunately, someone is doing something about all this. California Attorney General Rob Bonta and his colleagues in other states are reportedly scrutinizing the merger and considering legal action to block it.”

“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,” it said.

Following the letter’s publication, Paramount issued a lengthy statement in response on Monday. Defending the merger, it promised to “uniquely bring together complementary strengths to create a company that can greenlight 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.”

“We understand the concerns raised as a result of the disruptions caused to our industry by COVID, entry of big-tech, and changes in consumer behavior, but we promise this: Paramount remains deeply committed to talent, and this merger strengthens both consumer choice and competition, creating greater opportunities for creators, audiences and the communities they live and work in,” it added.