It seems Hollywood is standing up as more than a thousand top stars and creatives, including A-listers like Joaquin Phoenix, Ben Stiller and Kristen Stewart, have written a letter opposing the Warner Bros. takeover. Discovery by Paramount.
In the open letter, participants denounce the ongoing merger deal, which they say will put the industry at risk of job losses and leave the public with fewer choices.
“We are deeply concerned by signals of support for this merger, which prioritizes the interests of a small group of powerful stakeholders over the broader public interest,” the letter said.
The statement also notes that the industry is already struggling, and the latest mega-consolidation plan is feared to push out mid-budget projects, leaving creatives completely dependent on big companies.
“The integrity, independence and diversity of our sector would be seriously jeopardized. Competition is essential for a healthy economy and a healthy democracy. This also applies to well-thought-out regulation and enforcement.”
The deal on the acquisition of Warner Bros. Discovery had been turned upside down. Initially, Netflix led the way in acquiring the studio. However, Paramount ultimately won the bid for a whopping $110 billion.
