Paramount-Warner Bros deal: Hollywood stars write letter opposing

After much speculation, Paramount Skydance, Hollywood’s oldest and most popular studio, was acquired by Warner Bros in February.

However, concerns have been growing in Hollywood since the news of the merger of the two major studios became public.

This time, more than 1,000 Hollywood stars and crew members have written an open letter opposing the deal.

The letter was signed by Joaquin Phoenix, Ben Stiller, Kristen Stewart, Cynthia Nixon, Damon Lindelof, David Fincher, Denis Villeneuve, Elliot Page, Glenn Close, Jane Fonda, J J Abrams, Jason Bateman, and others.

Artists fear that if two large institutions come together or under one umbrella, decision-making power will be concentrated in the hands of a limited number of people.

This will result in fewer jobs. This will reduce opportunities for new creators, diverse stories, and small productions.

At the same time, the balance of American culture and art around the world will be disrupted.

After opposition from artists and crew, Paramount issued a lengthy statement, saying the deal would strengthen the company and set a goal of releasing at least 30 high-quality films in theaters a year.

The statement further noted that large capital companies are needed to overcome the current crisis the industry is going through. This will not reduce the scope of creative work but rather expand it.

California Attorney General Rob Bonta and representatives from several other states are investigating the merger of Warner Bros. and Paramount Skydance.