Hollywood stars oppose Paramount-WBD merger; 4,000+ sign petition
What's the story
Hollywood A-listers like Robert De Niro, Sofia Coppola, and Holly Hunter have signed an open letter opposing the proposed merger between Paramount and Warner Bros. Discovery (WBD). The letter cites concerns over job losses, increased consumer costs, and a reduction in the number of TV shows and movies. The petition has garnered over 4,000 signatures since its launch on April 13.
Statement
Here's what the letter states
The letter, hosted on BlockTheMerger.com, states, "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 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. Alarmingly, this merger would reduce the number of major US film studios to just four."
Protest details
Coalition also organized a rally outside WBD's Manhattan headquarters
The coalition behind the open letter also organized a rally outside WBD's Manhattan headquarters on Thursday morning, before the shareholder vote. They planned a protest in Washington, D.C., later that day at 5:30pm ET outside of a private dinner hosted by Paramount Skydance CEO David Ellison, too. The dinner is being held at the newly renamed "The Donald J. Trump Institute of Peace" to honor US President Donald Trump and CBS News White House correspondents.
Regulatory hurdles
Shareholder vote in favor of merger, but not yet finalized
Despite the shareholder vote in favor of the merger, it is not yet a done deal. The acquisition still needs to pass through ongoing regulatory reviews. Critics have slammed the "further consolidation in an industry already dominated by a few major players" and are calling for the deal to be blocked. If this resistance doesn't come from the Trump administration, then at the state level or through other court fights both in America and abroad.