Hollywood erupts as Paramount nears Warner Bros. Discovery takeover

Hollywood is standing up, it seems, as over 1,000 top stars and creatives, including Joaquin Phoenix, Ben Stiller, and Kristen Stewart, have penned a letter opposing the takeover of Warner Bros. Discovery by Paramount.

In the open letter, the participants blast the ongoing merger deal, which, they say, will put the industry at risk of job losses and leave the audience with fewer choices.

“We are deeply concerned by indications of support for this merger that prioritise the interests of a small group of powerful stakeholders over the broader public good,” the letter reads.

The statement also notes that the industry is already struggling, and the latest mega-consolidation plan is feared to elbow out mid-budget projects, leaving creatives fully dependent on corporate giants.

“The integrity, independence, and diversity of our industry would be grievously compromised. Competition is essential for a healthy economy and a healthy democracy. So is thoughtful regulation and enforcement.”

The deal over acquiring Warner Bros. Discovery had been topsy-turvy. 

Initially, Netflix was in the lead to acquire the studio. However, Paramount ultimately won the bid for a whopping $110 billion.