An open letter signed by hundreds of Hollywood heavyweights was published Monday opposing a deal that would see the historic Warner Bros. studio swallowed by rival Paramount.
Actors including Jane Fonda, Joaquin Phoenix and Bryan Cranston, as well as directors JJ Abrams and Denis Villeneuve are among more than 1,000 people who have added their names to the protest opposing the mega-merger between two of Hollywood's storied studios.
The Paramount logo is displayed at Columbia Square along Sunset Blvd in Hollywood, California on March 9, 2023. (Photo: AFP)
"This transaction would further consolidate an already concentrated media landscape, reducing competition at a moment when our industries -- and the audiences we serve -- can least afford it," the petition said.
"The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences in the United States and around the world."
Paramount Skydance, which is run by David Ellison, in February said it was planning a $111 billion takeover of the Warner Bros., home to mega-grossing franchises including "Harry Potter", "The Lord of the Rings" and "Game of Thrones."
The bid topped one from industry upstart Netflix, which had been seen as the least worst of the two options by Hollywood insiders.
People across Tinseltown fear that the consolidation of two studios will inevitably lead to cuts, especially as the enormous price tag is reportedly set to be financed, meaning the new owners will have to make savings.
Cuts will affect not only the creatives who power America's movie industry but will also crimp employment for tens of thousands of people who work below the line -- the make-up artists, set designers, limo operators, food truck owners and florists around Los Angeles.
"Alarmingly, this merger would reduce the number of major US film studios to just four," the letter said.
"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.
"Competition is essential for a healthy economy and a healthy democracy. So is thoughtful regulation and enforcement. Media consolidation has already weakened one of America's most vital global industries -- one that has long shaped culture and connected people around the world."
Paramount Skydance, whose bid is understood to be supported by US President Donald Trump, has pledged to continue cinematic releases at a regular clip.
"We have been clear in our commitments to (increase) output to a minimum of 30 high-quality feature films annually with full theatrical releases," the company said in a statement Monday.
"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."