Hollywood warns that the merger of Warner and Paramount would harm the industry
More than a thousand Hollywood screenwriters, actors, and directors published a letter on Monday expressing their opposition to the purchase of Warner Bros. Discovery (WBD) by Paramount Skydance, considering that the operation would harm an already struggling entertainment industry.
TL;DR
- More than a thousand Hollywood writers, actors, and directors oppose the Paramount Skydance acquisition of Warner Bros. Discovery.
- They argue the merger will harm the entertainment industry by reducing opportunities for creators, decreasing jobs, increasing costs, and limiting audience options.
- Signatories note a decline in film production, a reduction in story diversity, and increasing concentration of power among a few large companies.
- The deal is valued at $111 billion and is scheduled for a WBD shareholder vote on April 23rd.
- Concerns about media concentration have been raised by industry professionals and California's Attorney General.